Andhra Bank reduces base, prime lending rates 25 bps

Bank deliberated on mid quarter review of monetary policy last month, appreciated need for review of its base rate

Andhra Bank today announced a 25 basis point reduction in base rate to 10% from the present 10.25% effective July 22. Andhra Bank has deliberated on the mid quarter review of monetary policy last month and appreciated the need for review of its base rate so as to pass on the benefits to customers as part of the monetary transmission mechanism, said a bank spokesperson.

In line with the reduction in base rate, the bench mark prime lending rate has been reduced to 14.25% from 14.5% now, a release stated.