.A senior SBI executive, who is responsible for the “rate war” and does not want to be named, says there is no war and his bank can lend at a rate which is cheaper than many others for the simple reason that it has a lower base rate than others. SBI’s base rate is 9.7%, the same as that of HDFC Bank Ltd. India’s largest private sector lender ICICI Bank Ltd’s base rate is 9.75%, but most other banks have pegged their base at 10% or even higher. For instance, the base rate of both Punjab National Bank and Bank of Baroda is 10.25%.....
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