Oriental Bank of Commerce cuts lending rate by 0.1%

The bank has reduced base rate to 9.90% from 10% with effect from August 17

State-owned Oriental Bank of Commerce (OBC) slashed minimum lending rate -- the base rate -- by 0.1 per cent to 9.90 per cent, a move which will lower EMIs for borrowers of the bank.

The bank has reduced base rate to 9.90 per cent from 10 per cent with effect from August 17, OBC said in a statement.

With the reduction in base rate, all loans linked to the base rate will become cheaper by 0.1 per cent.

The reduction in base rate by the bank comes even after RBI kept benchmark rate unchanged in the monetary policy review on August 4.

RBI kept repo rate -- the short-term lending rate -- cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 7.25 per cent, 4 per cent and 21.5 per cent, respectively.

Earlier this month, Punjab National Bank cut interest rate on fixed deposits on select maturities by up to 0.50 per cent.

Interest rate on domestic term deposits has been reduced between 0.10 per cent and 0.50 per cent on select maturities with effect from August 10, PNB said in a statement.