SBI cuts benchmark rate by 25 bps to 12.50%

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New Delhi, Feb 11 (UNI) Country's largest lender the State Bank of India (SBI) today said it will revise its benchmark prime lending rate, State Bank Advance Rate (SBAR), by 25 basis points from 12.75 per cent per annum to 12.50 per cent per annum.

The revision will take effect from February 16, said a statement.

A benchmark rate is used as a yardstick for measuring or setting other interest rates; for example, a bank's prime lending rate, which it uses to price loans.

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