Bank of Baroda cut Base Rate and BPLR by 25 basis points effective February 9, the bank said in a press release. Following the cut, BoB's Base Rate will be 10.25% and BPLR will be 14.5%.
The bank also cut its deposit rates in the range of 15 to 20 basis points in the shorter maturities.
The bank's move is in response to the Reserve Bank of India's move to cut repo rates and Cash Reserve Ratio by 25 basis points in the third quarter review of the policy, the release said.
Among other public sector banks that have cut Base Rates following RBI's move are State Bank of India, Punjab National Bank, Union Bank of India and IDBI Bank.
Among the private lenders, HDFC Bank, has cut rates on auto loans.
More banks are likely to cut rates to pass on the rate cut benefit to borrowers.
