State Bank of India cuts base rate by 5 basis points
Jan 30 2013 , Mumbai
The base rate now stands at 9.7 per cent and will be effective Feb 4, the bank said in a statement.
The Reserve Bank of India cut a key policy rate by 25 basis points on Tuesday to help support an economy set to post its slowest annual growth rate in a decade.
"It worked out to only 5 basis points. We are passing on the entire benefit," Venkatachalam said.