Axis Bank slashes lending rate

Written by ENS Economic Bureau | Mumbai | Updated: Oct 17 2014, 14:18pm hrs
Close on the heels of a cut in deposit rates by several banks including State Bank of India, private sector lender Axis Bank has slashed its base lending rate from 10.25 per cent to 10.15 per cent with effect from October 15.

Accordingly, the effective rate applicable to various fund based credit limits which are linked to the banks base rate will reduce by 10 basis points.

The bank has reduced the base rate by 10 bps, as the cost of fund has eased due to softening of interest rates based on improving liquidity and other macroeconomic developments, said Sidharth Rath, president (Treasury and Business Banking), Axis Bank.

On September 30, SBI had cut interest rate on medium-term deposits (one year to less than three years maturity) by 25 basis points to 8.75 per cent.