Ahead of the Reserve Bank of India’s (RBI’s) monetary policy this week, the country’s largest bank, State Bank of India (SBI), on April 3, 2017, reduced its benchmark lending rate by 0.15% to 9.10%, in a move that will lower EMIs for borrowers.
- The minimum lending rate of the bank has been reduced from 9.25% to 9.10%, effective April 1, 2017.
- The bank has also reduced its base rate by 0.05% to 9.25%.
- Similarly, the Benchmark Prime Lending Rate (BPLR) has also been reduced by similar percentage points to 13.85% from 14%.
With the reduction, the EMIs for new, as well as existing borrowers, who have taken housing and car loans at base rate, will come down by at least 0.15%.
The new rate is effective from the date the bank merged five of its associates and Bharatiya Mahila Bank, putting it on the list of top 50 large banks of the world.
The total customer base of the bank has reached 37 crores, with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity has a deposit base of more than Rs 26 lakh crores and advances of Rs 18.50 lakh crores.
SBI has also made changes in signage and logo, with its iconic keyhole set against the background of inky blue.