 "Andhra Bank cuts base rate by 0.15% to 9.55% from Oct 1")
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State owned Andhra Bank on Wednesday said it has cut the base rate by 0.15 per cent to 9.55 per cent from October 1.
"The base rate of the bank has been revised from 9.70 per cent to 9.55 per cent with effect from October 1, 2017," the bank said in a regulatory filing.
Base rate is the minimum rate below which a bank cannot lend.
The benchmark prime lending lending rate (BMPLR) has been kept unchanged at 13.95 per cent. Benchmark prime lending rate is based on the credit worthiness of bank customers.
Shares of the bank today closed 4.60 per cent down at Rs 56.05 apiece on BSE.
"The base rate of the bank has been revised from 9.70 per cent to 9.55 per cent with effect from October 1, 2017," the bank said in a regulatory filing.
Base rate is the minimum rate below which a bank cannot lend.
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Shares of the bank today closed 4.60 per cent down at Rs 56.05 apiece on BSE.
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