Indian Bank cut its repo-based lending rate by 35 basis points to 8.70%. The rate was earlier set by the bank at 9.05% before it was lowered, according to an exchange filing.
The rate was slashed after the Reserve Bank of India's Monetary Policy Committee lowered its benchmark lending rate.
Indian Bank's move follows Bank of India, which lowered its repo-based lending rate by 25 basis points with effect from Wednesday.
Earlier in the day, the RBI's Monetary Policy Committee had decided to cut the repo rate by 25 bps, bringing it down to 6%, along with changing its stance from neutral to accommodative.
Shares of Indian Bank closed 3.67% lower at Rs 526.95 apiece on the National Stock Exchange before the announcement, compared to a 0.61% decline in the benchmark Nifty.
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