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Vijaya Bank has announced a reduction in its base rate by 20 basis points with effect from October 8, 2015 pursuant to the cut in repo rate announced by RBI last week.
Accordingly, the revised base rate will be 9.65 per cent per annum as against the existing rate of 9.85 per cent, the Bengaluru headquartered public sector bank said in a statement on Saturday.
Since June 2015, the bank has so far effected 60 bps reduction in its base rate. Vijaya Bank had reduced base rate from 10.25 per cent to 10 per cent on June 01, 2015 and from 10 per cent to 9.85 per cent on September 4, 2015.
With the latest reduction in base rate, it is expected that the sluggishness in credit off take shall ease and poised to grow further. Further the retail consumer front shall stand to benefit especially housing and vehicle segment, the bank said.
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