ICICI Bank will cut its base lending rate by 25 basis points to 9.75 percent after State Bank of India and HDFC Bank slashed their lending rates.
ICICI Bank Ltd, India’s biggest private sector lender by assets, will cut its base lending rate by 25 basis points to 9.75 percent, effective Friday, it said on Tuesday.
ICICI Bank’s move followed announcements by market leader State Bank of India and second-biggest private sector lender HDFC Bank Ltd to lower base lending rates by 15 percent each.
The Reserve Bank of India kept its key policy rate on hold on Tuesday and Governor Raghuram Rajan voiced impatience that few banks had lowered their lending rates despite two policy rate cuts earlier this year.
Earlier, HDFC Bank Ltd, the country’s second-biggest private sector lender by assets, will reduce its base lending rate by 15 basis points to 9.85 percent, effective April 13, an executive at the bank said on Tuesday.
Country’s biggest bank the State Bank of India (SBI) cut base lending rate by 0.15 percentage point to 9.85 per cent, becoming the first major lender to ease the rate in many months.