New Delhi: State-owned Oriental Bank of Commerce (OBC) slashed minimum lending rate -- the base rate -- by 0.1 percent to 9.90 percent, a move which will lower EMIs for borrowers of the bank.
The bank has reduced base rate to 9.90 percent from 10 percent with effect from August 17, OBC said in a statement.
With the reduction in base rate, all loans linked to the base rate will become cheaper by 0.1 percent.
The reduction in base rate by the bank comes even after RBI kept benchmark rate unchanged in the monetary policy review on August 4.
RBI kept repo rate -- the short-term lending rate -- cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 7.25 percent, 4 percent and 21.5 percent, respectively.
Earlier this month, Punjab National Bank cut interest rate on fixed deposits on select maturities by up to 0.50 percent.
Interest rate on domestic term deposits has been reduced between 0.10 percent and 0.50 percent on select maturities with effect from August 10, PNB said in a statement.
