Bank of India cuts base rate to 9.65% effective Sep 30
Bank of India has cut the base or the minimum lending rate by 0.05 percent to 9.65 percent
New Delhi: State-owned Bank of India has cut the base or the minimum lending rate by 0.05 percent to 9.65 percent with effect from 30 September.
"The Bank has revised its base rate from 9.70 percent (existing) to 9.65 percent, with effect from 30 September, 2016," it said in a regulatory filing.
The base rate means all those elements of the lending rate that are common across all categories of borrowers.
And all categories of loans are required to be priced only with reference to the base rate.
As the base rate is the minimum rate for all loans, banks are not permitted to resort to any lending below the base rate.
Bank of India stock closed 3 percent up at Rs 120 per share on BSE.
Domestic markets ended in negative for the sixth consecutive session. Investors remain cautious over rising inflation levels as retail inflation rose to 7.79 percent by April end
On the sectoral front, metal, power, oil & gas, healthcare, IT and realty sector indices shed between 1 and 5 percent, while banking went gone up by 0.60 percent. Both BSE Midcap and Smallcap indices settled around 2 percent lower
In terms of sectors, IT was the biggest loser, while realty was the top gainer. Indices were volatile ahead of the release of Consumer Price Index (CPI) and Index of Industrial Production (IIP) data later this week