Andhra Bank to cut base rate to 14.50%

The bank will also revise base rate downwards by 25 bps from 10.5% effective from March 1

Public sector lender, Andhra Bank, is revising the benchmark prime lending rate (BPLR) downwards by 25 basis points (bps) from the current 14.75% to 14.50% with effect from March 1, 2013.

The bank has also decided to revise the base rate downwards by 25 bps, from the existing 10.50% to 10.25% effective March 1, 2013, Andhra Bank said in a filing to the BSE on Tuesday.

Andhra Bank’s scrip ended the trade at Rs 94.80 on the BSE today, down 2.92%, over the previous close of Rs 97.65 a share.