HDFC Bank cuts base lending rate by 15 bps after RBI Governor Raghuram Rajan tough talk

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Mumbai | Published: April 7, 2015 7:53:47 PM

HDFC Bank Ltd, the country's second-biggest private sector lender by assets, will reduce its base lending rate by 15 basis points...

HDFC Bank, Mumbai, Indian economy, Economic growth, Aditya Puri, American depositary receipts, qualified institutional placementHDFC Bank will reduce its base lending rate by 15 basis points to 9.85 percent. (PTI)

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.

The Reserve Bank of India proposed earlier in the day that banks should decide lending rates based on their marginal cost of funding, hoping the shift will persuade them to lower lending rates faster in response to central bank easing measures.

Senior executives at India’s top lender, the State Bank of India, told Reuters earlier today the bank would cut its base lending rate by 15 basis points to 9.85 percent, effective Friday.

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