One basis point is 0.01 percentage point.
The cut was driven by falling interest rates reflected in lower deposit costs, the bank statement said.
Citibank is the first large foreign bank to announce a base rate cut after the Reserve Bank of India (RBI) reduced its key policy rate or the repo rate by 25 basis points to 7.25% on June 2.
Following the RBI cut, domestic banks including State Bank of India, ICICI Bank, HDFC Bank and Axis Bank among others have also slashed their minimum lending rate.
Source : Thehindubusinessline