More banks follow with rate cuts
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More banks have announced a reduction in lending rates following the Reserve Bank decision cut repo rate and cash reserve requirements of banks by 0.25 per cent each.
Indian Bank cut its base rate by 0.30 per cent to 10.20 per cent with effect from February 9. It has also decided to cut its benchmark prime lending rate by 0.25 per cent to 14.50 per cent. Oriental Bank of Commerce has cut its base rate by 0.15 per cent to 10.25 per cent from February 25. The reduction in base rate would make loans such as auto and home cheaper.