SBI Revises Base Rate To 7.45%; Keeps Minimum Lending Rate Unchanged

State Bank of India (SBI) on Tuesday revised its base rate to 7.45% per annum with effect from September 15.

State Bank of India (SBI) on Tuesday revised its base rate to 7.45% per annum with effect from September 15. The country's largest lender also decided to revise benchmark prime lending rate (BPLR) to 12.20% from the same period.

Base rate is the interest rate set by Reserve Bank of India (RBI) for lending to other banks. And, BPLR is the rate at which banks charge their most credit worthy customers.

The current base rate set by the Reserve Bank is 7.30-8.80%.

SBI, however, kept marginal cost of funds based lending rate or MCLR unchanged for all tenures. MCLR is the minimum lending rate below which a bank is not allowed to lend.