Bank of Baroda on Thursday announced a revision in the base rate and Benchmark Prime Lending Rate (BPLR) keeping the inflation and the loan demand into consideration. The bank has cut the base rate by 0.35% to 9.15% and BPLR to 13.45% from 13.80% per annum from October 1.
The base rate is the minimum rate set by the Reserve Bank of India for banks for lending loans to customers. BPLR is a method on the basis of which banks charge interest on the creditworthiness of the customer. The base rate has been revised downward from existing 9.50% per annum to 9.15% per annum from October 1, 2017, the bank said in a regulatory filing.
On Wednesday,state-owned Andhra Bank also said it has cut the base rate by 0.15% to 9.55% from October 1, while it kept its BPLR unchanged at 13.95%.
“The base rate of the bank has been revised from 9.70% to 9.55% with effect from October 1, 2017,” the bank had said in a regulatory filing.
Earlier in August end, the Punjab National Bank had cut marginal cost based lending rates by up to 0.25% for select maturities. The state-owned lender had also slashed its base rate by 0.20% to 9.15%.