Syndicate Bank cuts base rate by 0.25%

State-owned Syndicate Bank today announced a cut of 0.25 percent in its base rate to 10.25 percent with effect from February 13. The bank also revised downward its benchmark prime lending rate (BPLR) by similar margin to 14.50 percent.

"The base rate and BPLR of the bank stands reduced from 10.50 percent to 10.25 percent and from 14.75 percent to 14.50 percent, respectively," it said in a filing to the BSE. The new rates will be applicable from February 13, 2013, it added.

Also Read: Banks remain main area of concern: Aditya Birla Money

Earlier, State Bank of India, IDBI Bank, Royal Bank of Scotland, Punjab National Bank, Union Bank of India and Oriental Bank of Commerce have cut their base rates following RBI's decision to cut short-term lending rate in the third quarter monetary policy review.

Shares of the bank today closed at Rs 129 apiece on the BSE, up 1.38 percent from the previous close.

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