Mumbai, Sept 30 (KNN) Country’s third largest public sector lender, Axis Bank, today cut its base rate or the minimum rate of lending by 0.35 per cent to 9.50 per cent. 
 
“Axis Bank has revised its base rate from 9.85 per cent to 9.50 per cent per annum with effect from October 5," the bank said in a statement. 
 
The bank has earlier cut the rate by 0.20 per cent in April and a 0.10 per cent in June.
 
On Tuesday, the Reserve Bank of India (RBI) had cut its base rate by 0.50 per cent. Following the Monetary Policy announcement, SBI, Bank of India and Andhra Bank had also slashed their base rates.
 
SBI had announced a 0.40 per cent cut in lending rate to 9.30 per cent, which is the most competitive in the market at present. Meanwhile state run Bank of India cut its base rate by 0.25 per cent to 9.70 per cent, whereas Andhra Bank had cut it by a similar measure of 0.25 per cent. (KNN Bureau)