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State Bank of Travancore (SBT) will cut its base rate by 20 basis points to 9.95 per cent with effect from October 5, becoming the first Kerala-based bank to take the cue from Tuesday’s move of the RBI.
Last March, the bank had reduced its base rate to 10.15 per cent, the first in the country to do it close on the heels of the RBI’s second bi-monthly policy announcement.
The latest decision to revise the rate is expected to benefit 13 lakh borrowers under various segments such as housing loan, car loan, and SME loans. The total loan portfolio of the bank aggregates to ₹68,000 crores.
Jeevandas Narayan, Managing Director of the bank, said the rate revision reflects the bank’s commitment to pass on the benefit of lower rates to all of its borrowers immediately.
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