Punjab National Bank (PNB) cut the base rate by 0.40 percent, Bank of Baroda (BoB) by 0.25 percent, while Oriental Bank of Commerce (OBC) slashed the rate by 0.20 percent.
    
"Base rate cut by 40 bps from 10 percent to 9.60 percent from October 1," PNB said in a statement.
    
"Oriental Bank of Commerce has slashed its base rate by 20 basis points from 9.90 percent per annum to 9.70 percent with effect from September 30, 2015," it said in a filing.
    
Earlier today, Axis Bank -- first among private lenders after RBI's policy announcement yesterday -- announced a cut of 0.35 percent in base rate to 9.50 percent.
    
The base rate is the minimum rate of interest at which a bank can lend to its borrowers.
    
Country's largest lender State Bank of India, Andhra Bank and Bank of India were among the first to cut base rate yesterday in the range of 0.20-0.40 per cent in response to RBI's repo rate cut of 50 basis points to  6.75 percent.
    
While the base rate cut so far has come mostly from public sector lenders except Axis Bank, other private peers are expected to follow suit soon.

 

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