State Bank of Mysore (SBM), an associate of SBI has cut the minimum lending rate by 0.10 percent to 9.90 percent.
In A filing to BSE SBM said, “The bank has revised downward the base rate from 10 per cent to 9.90 per cent to be effective from today.”
Base rate is a minimum rate below that the banks are not allowed to lend.
Currently, private sector HDFC Bank offers the base rate that is the lowest in the Industry at 9.35 percent.
