HDFC Bank cuts lending rate by 0.05 per cent
Following SBI, country’s second largest private sector lender HDFC Bank has reduced base rate or the minimum lending rate by 0.05 per cent to 9.30 per cent.
The reduction in base rate will bring down interest rate on all loans.
“Based on the quarterly review, the bank decided to lower the base rate” said HDFC Bank Treasurer Ashish Parthasarthy.
The revised rate, one of the lowest in the industry, became effective on Monday.
HDFC Bank had last reduced its base rate to 9.35 per cent in September this year.
Base rate is the lowest lending rate below which banks do not lend to their customers.
Asked about fixed deposit rate cut, Mr. Parthasarthy said, “It has been stable for past 3-4 weeks. Let’s wait and see.”
With regard to credit growth, he said there is some traction in the economy and the bank has generally outperformed the market.
Following the status quo by the Reserve Bank in bi-monthly monetary policy review earlier this month, HDFC Bank is the first large bank to cut base rate.
RBI left repo rate, at which it lends to the system, unchanged at 6.75 per cent. The cash reserve ratio (CRR), or the amount of deposits banks park with RBI, was also retained at 4 per cent.
Read full article: The Hindu
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