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  Business   Companies  05 May 2017  Indian Bank to cut base rate by 0.20 pc from May 7

Indian Bank to cut base rate by 0.20 pc from May 7

PTI
Published : May 5, 2017, 10:36 am IST
Updated : May 5, 2017, 10:36 am IST

Bank has reduced the base rate from 9.65 per cent to 9.45 per cent.

 Stock of Indian Bank closed 3.52 per cent higher at Rs 347.40 on BSE.
  Stock of Indian Bank closed 3.52 per cent higher at Rs 347.40 on BSE.

New Delhi: Public sector Indian Bank has reduced the base lending rate by 0.20 per cent to 9.45 per cent.

The new base rate will come to effect from next week. "Bank has reduced the base rate from 9.65 per cent to 9.45 per cent which will be effective from May 7, 2017," it said in a regulatory filing.

 

Base rate is the minimum lending rate below which banks cannot give money as loan. Earlier in April, country's largest lender State Bank of India (SBI) had cut the base rate by 0.15 per cent to 9.10 per cent.

Stock of Indian Bank closed 3.52 per cent higher at Rs 347.40 on BSE.

Tags: indian bank, minimum lending rate, rate cut, interest rate
Location: India, Delhi, New Delhi