Union Bank reduces base rate by 0.35% to 9.65%

Mumbai: State-run Union Bank of India on Saturday announced a 0.35 percent reduction in its base rate to 9.65 percent.

The new base rate will be applicable from October 5, the bank said in a statement.

"We have reduced our base rate by 35 basis points from 10 percent to 9.65 percent," the statement said.

Many banks including State Bank of India, PNB, IDBI Bank, Bank of Baroda, Bank of India, Axis Bank, ICICI Bank, among others had reduced their base rates after the RBI, in a surprise move, last week, announced a 50 basis points reduction in repo rate to 6.75 percent from 7.25 percent.

Union Bank further said it has also moderated deposit rates.