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CORRECTED-India's SBI says cuts base rate by 25 bps
September 19, 2012 / 4:11 AM / 5 years ago

CORRECTED-India's SBI says cuts base rate by 25 bps

(Corrects day to ‘Thursday’ in paragraph 1)

MUMBAI, Sept 19 (Reuters) - India’s biggest lender, the State Bank of India, has cut its base rate, the minimum interest rate at which it lends, by 25 basis points to 9.75 percent with effect from Thursday, it said in a statement late on Tuesday.

The decision came a day after the Indian central bank cut the cash reserve ratio, the share of deposits banks must keep with it, by 25 basis points to 4.5 percent. .

Earlier this month, SBI had cut deposit rates between 50-100 basis points across maturities.. (Reporting by Indulal PM; Editing by Jijo Jacob)

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