The nation's largest lender also ruled out going ahead with its share sale plan this fiscal.

Last October, SBI had reduced its base rate by 40 basis points, from 9.70 percent per to 9.30 percent.

The rate reduction by SBI was following a 50 bps repo rate cut by the RBI on September 29.

Earlier this week, private sector HDFC Bank reduced its base rate by 0.05 per cent to 9.30 percent, matching with that of SBI, 5 bps lower than its private sector rival ICICI Bank, which is maintaining its minimum lending rate at 9.35 percent.

Talking about the new base rate calculation based on the marginal cost of funds, Bhattacharya said the formula will not make a huge amount of difference on base rate but will help in transmission.

However, many analysts have pegged an 80-160 bps reduction in base rate by banks from April when the new method will be in force.

On the Rs 12,000-crore follow-on public offer that the bank is planning to raise, she said SBI is unlikely to raise the money in this fiscal. The bank had been planning this OFS sale even in last fiscal as market was not conducive.

Following this, SBI had on December 24 raised Rs 4,000 crore through tier-II bonds on private placement basis under the Basel-III norms.

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