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Wednesday, July 10, 2013

Oriental Bank cuts base rate by 25 bps

Oriental Bank of Commerce (OBC) has reduced its base rate by 25 basis points to 10 per cent from the existing level of 10.25 per cent.

The revised base rate will be applicable from July 22, S.L. Bansal, Chairman & Managing Director, OBC, told Business Line here.

OBC had last revised its base rate from 10.4 per cent to 10.25 per cent in February this year.

Public sector lenders have in the last few days started reducing their base rates in keeping with the Finance Minister P. Chidambaram's recent advice to reduce their minimum lending rates.

Base rate is the interest rate below which banks cannot lend.

Already, Canara Bank, Bank of India and Union Bank have reduced their base rates by 25-30 basis points.

Source: thehindubusinessline


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