Bank of India cuts lending rate by 25 bps

The new base rate of 10.25% will be effective 9 February
Comment E-mail Print Share
First Published: Fri, Feb 01 2013. 08 08 PM IST
Bank of India’s base rate will be the same as that of Union Bank of India, IDBI Bank Ltd and Punjab National Bank. Photo: Hindustan Times
Bank of India’s base rate will be the same as that of Union Bank of India, IDBI Bank Ltd and Punjab National Bank. Photo: 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.
Comment E-mail Print Share
First Published: Fri, Feb 01 2013. 08 08 PM IST
blog comments powered by Disqus
  • Wed, Oct 15 2014. 11 40 PM
  • Wed, Oct 08 2014. 03 02 PM
Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved