Hyderabad, Sep 30 (IANS) Following the Reserve Bank of India (RBI) reducing the repo rate by 50 basis points, Hyderabad-based Andhra Bank on Wednesday cut its base rate by 25 basis points to 9.75 percent.
On its official website, the bank said the rate cut is already effective September 29 onwards.
Base rate is the minimum rate below which a bank can’t lend to consumers.
Andhra Bank has been the first bank to cut its minimum lending rate following the RBI’s decision to reduce the repo rate.
Recently, the RBI cut its repo rate to 6.75 percent.