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Bank of Baroda(BOB) stated that, it has cut the base rate by 0.35% to 9.15%, effective from October 1.
According to the bank, the base rate that is the minimum rate below which a bank cannot lend, has been revised downward from 9.50% to 9.15% per annum from October 1,2017.
Further,the benchmark prime lending rate (BPLR), which charges interest on credit worthiness of customers has come down from 13.80% to 13.45% per annum,effective from next month.
