Andhra Bank the first to cut rate after RBI review

September 29, 2015 13:40

Public sector lender Andhra Bank today cut its base rate by 25 basis points to 9.75 percent with effect from today.

Base rate is the minimum rate below which a bank can't lend to consumers. The move comes on heels of the central bank Reserve Bank of India cutting repo rates by 50 bps, surprising economists and market watchers alike.

Andhra Bank is the first bank to cut its base rate.

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