Bank of Baroda cuts base rate by 0.15% to 9.15%

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September 28, 2017 4:30 PM

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.

Bank of Baroda, Bank of Baroda shares, Bank of Baroda shares ratings, Bank of Baroda jefferies ratings, jefferies ratings, Bank of Baroda shares rating, Bank of Baroda shares jefferies ratingsThe bank has cut the base rate by 0.35% to 9.15% and BPLR to 13.45% from 13.80% per annum. (Image: Reuters)

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%.

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