Syndicate Bank Cuts Base Rate By 0.25 Per Cent

Monday, February 11, 2013
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Mumbai: State-owned Syndicate Bank today announced a cut of 0.25 per cent in its base rate to 10.25 per cent with effect from February 13.

The bank also revised downward its benchmark prime lending rate (BPLR) by similar margin to 14.50 per cent.

"... That the base rate and BPLR of the bank stands reduced from 10.50 per cent to 10.25 per cent and from 14.75 per cent to 14.50 per cent, respectively," it said in a filing to the BSE.

The new rates will be applicable from February 13, 2013, it added.

Earlier, State Bank of India, IDBI Bank, Royal Bank of Scotland, Punjab National Bank, Union Bank of India and Oriental Bank of Commerce have cut their base rates following RBI's decision to cut short-term lending rate in the third quarter monetary policy review.

Shares of the bank today closed at 129 apiece on the BSE, up 1.38 per cent from the previous close.

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Source: PTI
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