Base rate News

As per the RBI guidelines, banks are supposed to revise the base rates at least once every quarter.

The State Bank of India (SBI) on Monday revised a slew of its existing rates, which will be effective from January 1, 2018.

"This is to inform that the bank has revised the base rate from 9.50 per cent per annum to 9.45 per cent per annum with effect from 03.10.2017," Oriental Bank of Commerce said in a regulatory filing.

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.

Public sector lender UCO Bank has revised lending rates based on marginal cost of funds with effect from April 1

After goading banks, without much success, to pass on full benefits of policy rate cuts to borrowers, Governor Raghuram Rajan Tuesday said the Reserve Bank will this week issue guidelines to determine base rates on a new methodology based on the marginal cost of funds.

Reserve Bank on Tuesday said it will issue guidelines by November-end for banks to calculate the base rate on the basis of marginal cost of funds.

State Bank of Travancore (SBT) today became the first bank to cut benchmark lending rate, or base rate, by 0.1 percent to 10.15 percent, almost a week after RBI slashed policy rate by 0.25 percent.

Private sector Axis Bank on Thursday announced reducing its lending rate by 0.1 percent to 10.15 percent from 10.25 percent.