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

PTI September 28, 2016 18:51:16 IST
Bank of India cuts base rate to 9.65% effective Sep 30

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.

Bank of India cuts base rate to 965 effective Sep 30

"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.

Updated Date:

also read

Market Roundup: Sensex falls 136 points, Nifty settles at 15,782; check top winners and losers here
Business

Market Roundup: Sensex falls 136 points, Nifty settles at 15,782; check top winners and losers here

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

Market Roundup: Sensex falls 105 points, Nifty settles at 16,240; check top gainers and losers
Business

Market Roundup: Sensex falls 105 points, Nifty settles at 16,240; check top gainers and losers

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

Market Roundup: Sensex declines 276 points, Nifty falls below 16,200; check top winners and losers
Business

Market Roundup: Sensex declines 276 points, Nifty falls below 16,200; check top winners and losers

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