Corporation Bank, a Mangalore-based public sector lender, announced a further reduction of 5 basis points (bps) in the base rate for lending to 9.65% p.a. with effect from Oct. 08, 2015.

Earlier the bank had revised the base rate for lending from 9.90% p.a. to 9.70% p.a. with effect from Oct 08, 2015.

The bank announced reduction in base rate after the RBI reduced key interest rates by 50 basis points. Now revised repo and reverse repo rate stood at 6.75% and 5.75% respectively compared with 7.25% and 6.25% earlier.

Shares of the bank gained Rs 0.45, or 1.01%, to settle at Rs 44.95. The total volume of shares traded was 49,899 at the BSE (Wednesday).