MUMBAI, Jan 30 (Reuters) - State Bank of India, the
country's top lender, has cut its key lending rate, or base
rate, by 5 basis points, R. Venkatachalam, deputy managing
director at the bank, told Reuters on Wednesday.
The base rate now stands at 9.7 percent and will be
effective Feb 4, the bank said in a statement.
The Reserve Bank of India cut a key policy rate
by 25 basis points on Tuesday to help support an
economy set to post its slowest annual growth rate in a decade.
"It worked out to only 5 basis points. We are passing on the
entire benefit," Venkatachalam said.
(Reporting by Swati Pandey. Editing by Jane Merriman)