Union Bank cuts base rate by 35 bps

The Union Bank of India has reduced its base rate by 35 basis points (bps) from 9.65 per cent. The new rate will be effective from Monday,  the bank said on Saturday.

Most banks are cutting down their base rate, which is the benchmark lending rate, after the Reserve Bank of India reduced the policy rate by 50 bps to 6.75 per cent on Tuesday. The State Bank of India, the country’s largest lender, has the lowest base rate among banks, at 9.3 per cent.