SBI cuts benchmark prime lending rate by 25 bps to 12.50 per cent
21 Feb 2008
Mumbai: State Bank of India (SBI), the country's largest lender, will reduce its benchmark prime lending rate (BPLR) by 25 bps, from 12.50 per cent to 12.25 per cent, with effect from February 27, the public sector bank said in a filing with the Bombay Stock Exchange (BSE).
Earlier this month, SBI had revised its benchmark prime lending rate by 25 bps from 12.75 per cent to 12.50 per cent with effect from February 16.
SBI has come out with a rights issue to raise over Rs16,000 crore. The government is subscribing to its over 59 per cent shares on the last day of the issue.
SBI had priced its rights share at Rs1,590 a share.
The government will issue special securities worth Rs10,000 crore to subscribe to the rights issue of the State Bank of India (SBI). The bonds will reflect in the ways and means advances of the government. The dividend from SBI to the government will accrue to a self-liquidating fund, a source said.
.webp)
