Bank of India hikes base rate by 5 basis points

bank-of-indiaBank of India said it had revised its base rate from 9.70% to 9.65 %.

The revised rate will be in effect from Friday.

Base rate is the minimum interest rate that the bank charges. It is not allowed to issue loans below this rate to any of its customers.

Bank of India is a commercial bank with headquarters in Mumbai, Maharashtra. Founded in 1906, it has been government-owned since nationalisation in 1969.

Bank of India has 4963 branches across India and has overseas presence in 22 foreign countries spread over 5 continents.