SBI cuts base rate by 40 bps to 9.3%
Source: IRIS | 29 Sep, 2015, 02.54PM
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 State Bank of India (SBI), the largest public sector lender, Tuesday reduced its base rate by 40 basis points (bps) to 9.3 percent with effect from Oct. 5, 2015.
 The SBI Chairman said, 'Margins may be impacted by 10-11 bps due to base rate cut, but however we do not see a lasting impact on margins. Fall in cost of funds on monthly basis quite good.
The bank announced reduction in base rate after the RBI reduced key interest rates by 50 basis points. Now revised repo and reverse repo rate stood at 6.75% and 5.75% respectively compared with 7.25% and 6.25% earlier. Shares of the bank gained Rs 4, or 1.67%, to trade at Rs 243.55. The total volume of shares traded was 2,849,861 at the BSE (2.50 p.m., Tuesday).
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