The public sector lender, UCO Bank has reduced its base rate by 30 basis points to 10.20 per cent from the existing 10.50 per cent.
The benchmark prime lending rate has also been reduced by 50 basis points to 14.5 per cent. The revised rates come into effect from February 11, said a bank statement.
Earlier, State Bank of India, IDBI Bank Ltd , 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.
UCO Bank has posted a dip in net profit by 69 per cent to Rs 102 crore for the third quarter of the current financial year due to increase in provisioning by more than 70 per cent.