Federal Bank has cut its base rate or the minimum lending rate by 10 basis points to 10.65 per cent, with effect from March 6, 2012. Earlier, Union Bank of India and Bank of Maharashtra had curtailed their base rates by 10 basis points each. Moreover, the bank is also planning to open 100 branches, which would expand its network to 938. The step is taken in order to improve the mobilization of current account and savings account deposits.