"Accordingly, the effective rate applicable to various fund-based credit limits which are linked to the bank's base rate will reduce by 20 basis points," Axis Bank said in a statement.
On Tuesday, State Bank of India and HDFC Bank cut their base rates by 15 bps to 9.85 per cent, while ICICI Bank reduced its base rate by 25 bps to 9.75 per cent post-monetary policy.
ICICI Bank's lending rate is among the lowest in the banking sector.
This comes after the RBI Governor Raghuram Rajan explicitly expressed his concerns on banks not transmitting the two policy rate cuts of 50 bps done by the RBI since January this year.
Source : Thehindubusinessline