Kolkata-based lender Allahabad Bank has decided to cut base rates by 25 basis points with effect from October 5 (Monday).
According to a notification to BSE, the bank has said its new base rate (effective October 5) will be 9.70 per cent, as compared to the earlier 9.95 per cent.
The move comes after the Reserve Bank of India made a 50 basis points cut in repo rates.
“Allahabad Bank has informed the Exchange that the bank has decided to cut its base rate by 25 basis points. Consequently, the base rate will be reduced to 9.70 per cent from the existing 9.95 per cent with effect from October 05, 2015,” the notification to BSE read.
Another Kolkata-based lender, UCO Bank, has also decided to cut base rates from October 5.