Industry

Indian Overseas Bank cuts base rate to 9.35%

Green shoots: During the quarter, IOB recovered ₹3,389 crore against ₹2,784 crore a year earlier.

Green shoots: During the quarter, IOB recovered ₹3,389 crore against ₹2,784 crore a year earlier.   | Photo Credit: L. Balachandar

State-owned Indian Overseas Bank (IOB) on Friday said it has slashed its base rate by 0.10% to 9.35%.

“The asset liability management committee of our bank decided to reduce the base rate to 9.35% from the existing 9.45%, effective from August 10, 2020,” IOB said in a regulatory filing.

Base rate is the minimum below which a bank can’t lend to its customers.

Shares of IOB traded at ₹ 10.36 apiece on the BSE, up 0.39% from their previous close.

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Printable version | Sep 27, 2020 11:22:03 PM | https://www.thehindu.com/business/Industry/indian-overseas-bank-cuts-base-rate-to-935/article32294179.ece

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