State Bank of Bikaner & Jaipur, the largest associate of SBI has cut its base rate by 0.15 per cent to 10.10 per cent. Now the customers will have to pay lower EMIs .
The Bank in a statement said, It has revised downward the base rate or minimum lending rate from 10.25 per cent to 10.10 per cent effective from May 6.
All the loans that are linked to its base rate will now come down by at least 0.15 per cent.
SBI, the parent bank, has already reduced its base rate by 0.15 per cent to 9.85 per cent effective from April 10.
The Reserve Bank had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as “nonsense” the lenders’ claims that cost of fund was high.
“The banks marginal cost of funding (has) fallen, the notion that it hasn’t fallen, is nonsense. It has fallen,” Rajan has said.