Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand.
The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1.
Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers
The benchmark prime lending rate has been slashed to 13.45% from 13.80%.
The Benchmark Prime Lending Rate (BPLR), is the reference interest rate based on which a bank lends to its credit worthy borrowers. Normally, loans are given out a little more or a little less than this reference interest rate.
Bank of Baroda is headquartered in Vadodara in Gujarat, India and has its corporate office in Mumbai.
It had a network of 5538 branches in India and abroad, and 10441 ATMs as of July, 2017.