SBI Chairman Arundhati Bhattacharya refused to get into a debate on whether the 15 bps cut will lead to credit growth getting a fillip.
India's largest lender State Bank of India lowered base rate by 15 basis points to 9.85 percent. Chairman Arundhati Bhattacharya termed the timing of the cut as 'right'.
Earlier in the day, the Reserve Bank refrained from reducing rates any further in part due to commercial banks failing to pass on the benefits of the previous two rate cuts undertaken this year. In its policy statement, the RBI said: "Transmission of policy rates to lending rates has not taken place so far despite weak credit off take and the front loading of two rate cuts."
Bhattacharya may also cut one-year bucket deposit rate by 25 basis points. She, however, refused to get into a debate on whether the 15 bps cut will lead to credit growth getting a fillip.
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SBI stock price
On April 07, 2015, State Bank of India closed at Rs 271.90, down Rs 2.65, or 0.97 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 188.01.
The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.37. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.72.
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