Hello and welcome to the Current Affair's Portal of ExamPundit.in. Soon after reduction in repo rate by the Reserve Bank, country’s largest lender State Bank of India (SBI) on 29th September, 2015 slashed minimum lending or base rate by 0.4 per cent to 9.3 per cent, setting the trend for benign interest rate regime.
With the reduction in the base rate, all loans, including home, auto and corporate, would become cheaper by at least 0.40 per cent.
The bank has decided to reduce the base rate by 0.40 per cent to 9.3 per cent with effect from October 5, SBI said in a statement.
Meanwhile, Andhra Bank also reduced its base rate by 0.25 per cent to 9.75 per cent effective today.
Base rate is the minimum rate below which a bank can’t lend to consumers.
RBI cut benchmark repurchase (repo) rate from 7.25 per cent to 6.75 per cent, lowest in four-and-half-years.
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