State-owned Indian Overseas Bank (IOB) on Friday said it has slashed its base rate by 0.10% to 9.35%.
“The asset liability management committee of our bank decided to reduce the base rate to 9.35% from the existing 9.45%, effective from August 10, 2020,” IOB said in a regulatory filing.
Base rate is the minimum below which a bank can’t lend to its customers.
Shares of IOB traded at ₹ 10.36 apiece on the BSE, up 0.39% from their previous close.
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