Central Bank of India (CBI) cut base rates. Bank of India on February 1, 2013 slashed their base rate by 25 basis points each. The base rate for the bank now stands at 10.25 per cent. Base rate is the rate below which banks cannot lend. All floating rate loans linked to the base rate will turn a tad cheaper.
The banks that have cut their base rate so far include IDBI Bank, State Bank of India, Punjab National Bank, Union Bank of India, and Royal Bank of Scotland.