Corporation Bank Slashes Base Rate To 10%

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, May 26, 2015, 13:10 [IST]

Public Sector Bank, Corporation Bank has cut its base lending rates by 0.25 per cent joing many banks in the country in doing so.

"Corporation Bank has informed BSE that the Bank has revised the Base Rate for lending from 10.25% p.a. to 10.00% p.a. with effect from June 01, 2015," the company said in a filing to the Bombay Stock Exchange.

Corporation Bank now joins scores of other banks including Punjab national Bank, HDFC Bank , ICICI Bank and State Bank of India in cutting base rates.

Base rate is the lowest rate at which a bank can lend. A cut in these rates reflect lower lending rates. Analysts feel that the lending rates could be even lower should the Reserve Bank of India (RBI) cut interest rates in its policy meet of June 2, 2015.

GoodReturns.in