BackBank of India cuts lending rate by 25 bps
The new base rate of 10.25% will be effective 9 February
Premium(Hindustan Times)
Mumbai: State-run Bank of India on Friday cut its minimum lending rate, or base rate, by 25 basis points, joining a number of other state-owned banks that lowered their lending rates after the Reserve Bank of India cut its policy rate on Tuesday.
A basis point is one-hundredth of a percentage point.
Effective 9 February, Bank of India’s base rate will be 10.25%—the same as that of Union Bank of India, IDBI Bank Ltd and Punjab National Bank that also cut their rates after the third quarter monetary policy review.
State Bank of India, the country’s largest lender, cut its base rate earlier this week by only 5 basis points to 9.70%; its base rate was already the lowest among public sector banks in the country.
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