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Monday, February 4, 2013

Citi Bank reduces base rate by 25 bps

Foreign lender Citi Bank cut its base rate by 25 basis points to 9.50 per cent.The new rate is effective from January 10, 2013.

Base rate is the rate below which a bank cannot lend money to its borrowers.

The base rate cut was done prior to the central bank's policy rate cut in its third quarter monetary policy review on January 29.

Source: thehindubusinessline


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