Canara Bank, 3 others cut benchmark lending rates

New Delhi: State-owned Canara Bank, Corporation Bank and Bank of Mysore Monday reduced their benchmark lending rates by up to 0.25 percent, making home and auto loans cheaper.

In a filing to the BSE, Canara Bank said "the Board of the bank has approved reduction in the Base Rate by 25 bps from 9.90 percent to 9.65 percent for loans/advances effective from October 07, 2015".

Corporation Bank said it has revised the Base Rate for lending from 9.9 percent to 9.7 percent from October 8.

Infrastructure financier IIFCL also announced a downward revision in its benchmark rate by 20 bps. With this IIFCL's benchmark rate has been revised to 9.70 from 9.90 earlier. This change in benchmark rate would be effective from today.

The rate cut has been triggered by the Reserve Bank revising downward its benchmark short-term lending (repo) rate by 0.50 percent in its fourth bi-monthly monetary policy review.

State Bank of Mysore has revised its Base Rate from 10 percent to 9.9 percent to be effective from September 21.

"The Bench-Mark Prime Lending continues to be at the same level of 15 percent," the bank said in a filing to BSE.

Earlier, host of other lenders including SBI, ICICI Bank, Punjab National Bank, Bank of Baroda, Oriental Bank of Commerce and Axis Bank had announced reduction in their base rates.