Following RBI's policy review for 2015-16, several banks, including public sector lender, State Bank of India (SBI) (SBIN.NS) (500112.BO) (OTC: SBKJY), have cut the minimum lending rates
Following the RBI's policy action on Tuesday, several banks including State Bank of India (SBI) (SBIN.NS) (500112.BO) (OTC: SBKJY) reduced its base rate or minimum lending rate
to 9.70 per cent from 9.85 per cent effective June 8.
The bank's minimum lending rate
will be 6.12 percent, the minimum overdraft rate will be at 6.40 percent, and the minimum retail rate will be 6.65 percent, the bank said.
Indian state-owned Allahabad Bank (532480.BO) (ALBK.NS) (ALLBANK.NS) has cut its base rate or minimum lending rate
by 0.3 per cent after the Reserve Bank of India (RBI) announced a cut in its key policy rate on Tuesday, according to a report by the Economic Times.
Indian private sector lender Karnataka Bank (KBL) (KBNK.BO) (KTKBANK.NS) (590002.BO) has cut the base rate or minimum lending rate
by 0.25 per cent to 10.50 per cent, according to a report by the Economic Times.
Indian state-run lender Corporation Bank (532179.BO) (CORPBANK.NS) has cut the base rate or minimum lending rate
by 0.25 percentage point, a move which will reduce EMIs for its customers, the Press Trust has reported.
The bank has reduced the base rate or minimum lending rate
from 10.25 percent to 10.10 percent effective from May 6, SBBJ said in a statement.
However, for other borrowers, the interest rate will be 9.90 percent, five basis points higher than the base rate or the minimum lending rate
The bank said that it would also look at cutting the base rate or minimum lending rate
, which is presently at 10.25 percent.
State-owned United Bank of India (533171.BOM) has cut its base rate or the minimum lending rate
by 0.25 percent to 10 percent, the Economic Times has reported.