 "State Bank of Bikaner & Jaipur cuts base rate by 15 bps to 9.95%")
SBI associate bank State Bank of Bikaner & Jaipur has cut the minimum lending rate by 15 basis points to 9.95%.
The base rate is 10.10% and will be reduced to 9.95% with effect from June 18, 2015, the bank said in a filing to BSE today.
The rate cut follows reduction in minimum lending rate by larger peers post RBI's second bi-monthly policy announcement earlier this month, where the central bank lowered key policy rate for the third time this year.
State Bank of India (SBI), the country's largest bank had took the lead in lowering its base rate by 15 basis points (bps) to 9.70% soon after Reserve Bank of India (RBI) governor Raghuram Rajan nudged banks to do so while announcing the monetary policy.
Allahabad Bank, Dena Bank, Punjab & Sind Bank followed suit and have effected rate cuts.
In a meeting with PSU bankers last week, Finance Minister Arun Jaitley said that bankers have assured the government tehy will make greater cuts in interest rates in the coming days.
The base rate is 10.10% and will be reduced to 9.95% with effect from June 18, 2015, the bank said in a filing to BSE today.
The rate cut follows reduction in minimum lending rate by larger peers post RBI's second bi-monthly policy announcement earlier this month, where the central bank lowered key policy rate for the third time this year.
Also Read
The cut in rate will bring down cost of all loans linked with the base rate.
State Bank of India (SBI), the country's largest bank had took the lead in lowering its base rate by 15 basis points (bps) to 9.70% soon after Reserve Bank of India (RBI) governor Raghuram Rajan nudged banks to do so while announcing the monetary policy.
Allahabad Bank, Dena Bank, Punjab & Sind Bank followed suit and have effected rate cuts.
In a meeting with PSU bankers last week, Finance Minister Arun Jaitley said that bankers have assured the government tehy will make greater cuts in interest rates in the coming days.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%