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Bank of India cuts base rate by 25 bps to 9.70%

The RBI on Tuesday cut the benchmark repurchase (repo) rate from 7.25 percent to 6.75 percent, lowest in four-and-half-years.

September 30, 2015 / 08:07 AM IST
 
 
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Following the repo rate cut by the Reserve Bank, public sector lender Bank of India this evening announced reduction in its minimum lending or base rate by 25 basis points to 9.70 percent from 9.95 percent, effective October 5.

Public sector Andhra Bank was first off the block to cut interest rate by 0.25 percent. While country's largest lender State Bank of India followed suit and slashed the minimum lending rate by 0.4 percent to 9.3 percent.


The RBI on Tuesday cut the benchmark repurchase (repo) rate from 7.25 percent to 6.75 percent, lowest in four-and-half-years.

The reverse repo rate, at which it accepts banks' excess liquidity, will be 5.75 percent, while the cash reserve ratio is kept unchanged at 4 percent.

Soon after the RBI policy announcement, Finance Minister Arun Jaitley had expressed hope that banks will transmit the benefit to borrowers so as to boost investments and the economy.

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