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HDFC Bank has decided to cut its base rate by 10 basis points to 9.6 per cent. The reduction in rate will be with effect from March 30.
Base rate is the minimum rate at which banks can lend its borrowers.
The country’s second largest private sector lender is the first bank to reduce its lending rate after the Reserve Bank of India cut its repo rate by 25 bps on March 19.
Post this reduction, HDFC Bank’s base rate will be the lowest among major banks. Among other private banks, ICICI Bank’s base rate is 9.75 per cent since April 2012, while that of Axis Bank is 10 per cent.
Among public sector banks, the country’s largest lender State Bank of India has one of the lowest base rates, at 9.7 per cent.
Source: thehindubusinessline
Base rate is the minimum rate at which banks can lend its borrowers.
The country’s second largest private sector lender is the first bank to reduce its lending rate after the Reserve Bank of India cut its repo rate by 25 bps on March 19.
Post this reduction, HDFC Bank’s base rate will be the lowest among major banks. Among other private banks, ICICI Bank’s base rate is 9.75 per cent since April 2012, while that of Axis Bank is 10 per cent.
Among public sector banks, the country’s largest lender State Bank of India has one of the lowest base rates, at 9.7 per cent.
Source: thehindubusinessline
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