The public sector lender, Central Bank of India, has issued a statement announcing a reduction in its base rate by 0.25 percent. The statement said, "We have scaled down our base rate from 10.50 per cent to 10.25 per cent, effective February 9."

As a result of this, the bank's lending rates as well as deposit rates will decrease. The bank has already decreased its interest rates on fixed deposits on certain fixed deposit schemes, which will become effective from February 9.