More banks join rate cut bandwagon

More banks join rate cut bandwagon

The rate cuts by banks continued with eight banks, including three private sector banks, announcing reduction in base rates.

ICICI Bank announced the largest cut among private sector banks with a 30 basis points reduction in its base rate. “ICICI Bank has announced a reduction of 0.35 per cent in the base rate with effect from October 5, 2015. The revised rate will be 9.35 per cent as against 9.7 per cent at present,” the bank said in a release.

Yes Bank cut its base rate by 25 basis points to 10.25 per cent from 10.5 per cent. Kotak Mahindra Bank also reduced its base rate by 25 bps. “Kotak Mahindra Bank has reduced its base rate from current level of 9.75 per cent to 9.50 per cent with effect from October 5, 2015,” the bank said in a statement. As far as public sector banks are concerned, Dena Bank, Bank of Maharashtra, Allahabad Bank, SBI associate State Bank of Bikaner & Jaipur (SBBJ) and Mangaluru-based Karnataka Bank have announced a reduction in their base rates. Dena Bank reduced its base rate by 0.30 basis points to 9.70 per cent from the present rate of 10 per cent. Bank of Maharashtra reduced its base rate or minimum lending rate by 30 basis points from 10 per cent to 9.70 per cent.

SBBJ said the base rate of the bank, effective October 5, will be 9.70 per cent from the existing rate of 9.95 per cent.

Allahabad Bank has decided to cut its base rate by 25 basis points. Consequently, the base rate of the bank will be reduced to 9.70 per cent from existing 9.95 per cent with effect from October 5. Karnataka Bank cut its base rate by 25 bps to 10.25 per cent from 10.50 per cent.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry