Bank of Baroda reduces base rate by 25 basis points

Kolkata, Sep 30 (IANS) State-owned Bank of Baroda on Wednesday said it has decided to reduce the base rate by 25 basis points from the prevalent 9.90 percent per annum to 9.65 percent.

In a filing with the Bombay Stock Exchange, the bank said it has also decided to reduce the Bench-mark Prime Lending Rate by 25 basis points from the current 14.15 percent per annum to 13.90 percent each year.

The rate revisions will be effective from the coming Monday, October 05 this year.

The rate cut follows the reduction in repo rate by 50 basis points to 6.75 percent by the Reserve Bank of India in its fourth bi-monthly monetary policy.

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