State-owned Canara Bank, Corporation Bank and Bank of Mysore today reduced their benchmark lending rates by up to 0.25 per cent, making home and auto loans cheaper.
In a filing to the BSE, Canara Bank said "the Board of the bank has approved reduction in the Base Rate by 25 bps from 9.90 per cent to 9.65 per cent for loans/advances effective from October 07, 2015".
Corporation Bank said it has revised the Base Rate for lending from 9.9 per cent to 9.7 per cent from October 8.
Infrastructure financier IIFCL also announced a downward revision in its benchmark rate by 20 bps. With this IIFCL's benchmark rate has been revised to 9.70 from 9.90 earlier. This change in benchmark rate would be effective from today.
The rate cut has been triggered by the Reserve Bank revising downward its benchmark short-term lending (repo) rate by 0.50 per cent in its fourth bi-monthly monetary policy review.
State Bank of Mysore has revised its Base Rate from 10 per cent to 9.9 per cent to be effective from September 21.
"The Bench-Mark Prime Lending continues to be at the same level of 15 per cent," the bank said in a filing to BSE.
Earlier, host of other lenders including SBI, ICICI Bank, Punjab National Bank, Bank of Baroda, Oriental Bank of Commerce and Axis Bank had announced reduction in their base rates.
