Zee Media Bureau
New Delhi: India's largest bank, the State Bank of India on Tuesday cut its base lending rates by 0.15 percent to 9.70 percent, to be effective from June 8.
Earlier in April, the country's largest bank had alsocut the lending rates by 0.15 percent to 9.85 percent, becoming the first major lender to ease the rate in many months.
The rate cut by SBI comes after the Reserve Bank of India on Tuesday cut the repo rates by 0.25 percent for the third time this year to spur investment and growth.
The central bank however hinted that there may not be any more cuts in the near-term sending stock markets into a tizzy.
Earlier during the day, the Allahabad Bank became the first to follow the RBI step and cut its minimum lending rates by 0.30 percent.
With the reduction, the base lending rate for the Allahabad Bank now stands at 9.95 percent, down from 10.25 percent, to be efffective June 8.
