SBI cuts benchmark prime lending rate by 50 bps to 11.75 per cent

The State Bank of India, the country's largest lender, today announced a 50 basis point reduction in its benchmark prime lending rate (BPLR) with effect from 29 June, making all other lending rates linked to BPLR cheaper.

The new rate now stands at 11.75 per cent as against the earlier 12.25 per cent, the state-run lender said in a filing with the Bombay Stock Exchange.