British lender Standard Chartered on Monday cut its base rate or minimum rate of lending by 0.25 per cent to 9.50 per cent, joining a large number of rivals who have slashed rates after the RBI's policy.

"Standard Chartered has announced a reduction of 0.25 per cent in its base rate from the current level of 9.75 per cent per annum to 9.50 per cent per annum with effect from October 5," it said in a statement.

The lender becomes first among the foreign lenders to announce such a move following RBI's surprise 0.50 per cent cut in its key rate last week.

Country's largest lender State Bank of India was the first to take a cue and announced a steep 0.40 per cent cut in its base rate the same day.

Others, who have cut their offerings, include country's largest private sector lender ICICI Bank, its smaller rival Axis Bank, Punjab National Bank, Bank of Baroda, Bank of India and Central Bank of India, among others.