The new rates will be applicable from March 16, 2015, it added. Last week, the Reserve Bank had lowered the key repo rate - at which it lends to banks - by 0.25 percent to 7.5 percent. It was the second surprise and out-of-policy rate cut, after a similar slash in repo rate to 7.75 percent in mid-January.
State Bank of Travancore (SBT) Monday became the first bank to cut benchmark lending rate, or base rate, by 0.1 percent to 10.15 percent, almost a week after RBI slashed policy rate by 0.25 percent.
"The revised base rate will be 10.15 percent and the benchmark prime lending rate will be 15.15 percent. "At present, the rates are 10.25 percent and 15.25 percent, respectively," SBT said in a filing to the BSE.
The new rates will be applicable from March 16, 2015, it added. Last week, the Reserve Bank had lowered the key repo rate - at which it lends to banks - by 0.25 percent to 7.5 percent. It was the second surprise and out-of-policy rate cut, after a similar slash in repo rate to 7.75 percent in mid-January.
There has been a constant pressure from industry and other stakeholders on the central bank to cut repo rate so as to spur the investment cycle. However, banks have not been very keen to pass on the benefit and only a few of them slashed their interest rates after RBI's move in January.
India is witnessing an avalanche of capital flows as central banks around the world are reducing interest rates to very low levels but the RBI is unable to cut interest rates very quickly due to high inflation, Governor Raghuram Rajan had said after cutting the repo rate.
Also, RBI in an agreement with the government recently, has committed to use monetary tools to cut inflation to pre-decided levels. The Monetary Policy Framework Agreement binds Reserve Bank of India (RBI) to use monetary policy tools, including fixation of interest rates, to bring down inflation to less than 6 percent by January 2016 and to around 4 percent by March next year.
State Bk Travan stock price
On March 09, 2015, State Bank of Travancore closed at Rs 477.30, down Rs 20, or 4.02 percent. The 52-week high of the share was Rs 662.90 and the 52-week low was Rs 364.50.
The company's trailing 12-month (TTM) EPS was at Rs 27.02 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.66. The latest book value of the company is Rs 711.36 per share. At current value, the price-to-book value of the company is 0.67.
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