MUMBAI, Sept 22 India's biggest lender, State
Bank of India, said on Saturday it has cut its
benchmark prime lending rate, the interest rate that commercial
banks normally charge, by 25 basis points to 14.50 percent per
annum with effect from Sept. 27.
Earlier this week, the bank cut its base rate by 25 basis
points to 9.75 percent.
Indian central bank on Monday 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)