Syndicate Bank to cut lending rate by 25 bps

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SRINAGAR: State-owned Syndicate Bank today said it has cut its base lending rate by 25 basis points to 10 per cent per annum effective from June 8,2015 after the Reserve Bank cut its policy rate for the third time in this year.

The bank has also reduced benchmark prime lending rate from 14.

50 per cent to 14.

25 per cent per annum, it said in a filing to the stock exchanges.

After the policy meet on June 2, 2015 nation’s largest lender State Bank of India also reduced its base rate by 15 basis points.

Earlier this week,the RBI had reduced policy rate by 25 basis point to 7.

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