In a company statement, state-run lender Indian Bank said it would reduce base rate by 0.30 per cent to 10.20 per cent from the existing 10.50 per cent, with effect from February 9, 2013.
The statement also shows that the bank reduced its Benchmark Prime Lending Rate by 0.25 per cent from the existing 14.75 per cent to 14.50 per cent per annum with effect from February 9, 2013.
The recent reduction of banks’ cash reserve ratio (CRR) by Reserve Bank of India (RBI) would infuse Rs 130 crore into the bank.
Indian Bank decided to pass on this advantage to its customers by reducing its lending rate.
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