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Old private sector lender Lakshmi Vilas Bank has reduced its base rate by 25 basis points (bps) to 10.7 per cent.
The bank’s base rate now stands reduced to 10.7 per cent p.a. from the earlier rate of 10.95 per cent p.a. The revised rates will be effective November 3, 2015, the bank said in a statement.
This move comes after the Reserve Bank of India (RBI) had cut the key policy rate or the repo rate by 50 basis points last month.
Base rate is the benchmark rate to which all lending rates are linked. The said reduction is applicable to the existing as well as future loans, the statement added.
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