SBI cuts base rate by 15 bps, with effect from April 1 | Current Affairs, Current Affairs 2017

SBI cuts base rate by 15 bps, with effect from April 1

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Bringing cheer to customers who have raised loans prior to April 1, 2016, the largest public lender State Bank of India (SBI) cut its base rate by 15 basis points (bps) to 9.10 per cent with effect from April 1, 2017.

Earlier, the base rate stood at 9.25 per cent.

The marginal cost-based lending rate (MCLR) of the SBI, however, remains unchanged. The six-month MCLR rate is at 7.95 per cent while the three-year rate stands at 8.15 per cent.

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