Corporation Bank cuts base rate by 0.10%

The bank has revised the base rate for lending from 10% per annum to 9.90% per annum with effect from August 24

State-run Corporation Bank today cut base rate or minimum lending rate by 0.10 per cent, a move which will lead to lower EMIs for its customers.

"The bank has revised the base rate for lending from 10 per cent per annum to 9.90 per cent per annum with effect from August 24," Corporation Bank said in a filing to the BSE.

Meanwhile, yesterday, United Bank of India had announced a cut in deposit rates for various maturities by 0.25-0.50 per cent.

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

Shares of Corporation Bank today closed at Rs 53.05 a piece on BSE, down 2.05 per cent.