Indian Overseas Bank cuts base rate to 9.35 pc

"The asset lability management committee of our bank decided to reduce the base rate to 9.35 per cent from the existing 9.45 per cent, 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.

State-owned Indian Overseas Bank (IOB) on Friday said it has slashed its base rate by 0.10 per cent to 9.35 per cent. "The asset lability management committee of our bank decided to reduce the base rate to 9.35 per cent from the existing 9.45 per cent, 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 Rs 10.36 apiece on the BSE, up 0.39 per cent from their previous close.