Indian bank cuts base rate by 30 bps

Public sector Indian Bank has decided to cut its base rate for loans by 0.30 percentage point or 30 bps with effect from June 8.
"Indian Bank has reduced its base rate - the bench rate to all loan rates linked - by 30 bps to 9.95 per cent with effect from June 8, 2015", the Chennai headquartered bank said in a statement.
According to Indian Bank Managing Director and CEO T M Bhasin, the bank's ALCO (Asset-Liability Committee) decided to pass on the reduction to the customers by reducing the Base rate following the reduction of policy rate by Reserve Bank early this week.

"The Bank also reduced its BPLR (Benchmark Prime Lending Rate) by 30 bps to 14.20 per cent with effect from June 8", the statement said.