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Bank of India cuts base rate, BPLR by 25 bps each

New Delhi: State-run lender Bank of India Friday cut its base rate and benchmark prime lending rate by 25 basis points each, after the Reserve Bank of India reduced its key policy rate for the first time in nine months earlier this week.

Accordingly, the bank's base rate and BPLR will be 10.25% and 14.5%, respectively, with effect from February 9, 2013, Bank of India said in a filing to the stock exchanges.

Earlier Tuesday, the RBI cut the key policy repo rate by 25 basis points to 7.75% to support the faltering economy and also reduced the cash reserve ratio (CRR) by the same amount to 4% to boost liquidity in the system.

Other banks, including the country's largest lender State Bank of India, Punjab National Bank, Bank of Baroda and IDBI Bank, have also pared their base rate after the RBI's monetary easing.

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