Country's largest lender State Bank of India (SBI) today cut lending rate by 0.05 per cent, a day after the Reserve Bank cut its key policy rates.After this marginal reduction, SBI's base rate, or the minimum rate of lending, will come down to 9.70 per cent from 9.75 per cent effective February 4th.The old benchmark prime lending rate will also go down by a similar 0.05 per cent.The bank has not cut deposit rates as its offering is among the lowest in the market at present.SBI, which has one of the most aggressive offerings among domestic banks, had last cut its base rate by 0.25 per cent in September, 2012.The Reserve Bank yesterday cut its short-term lending rate by 0.25 per cent and also reduced the CRR by a similar amount to ease the strained liquidity conditions.