IDBI Bank cuts base rate by 10 bps to 9.65%

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Public sector IDBI Bank has reduced its base rate or minimum lending rate to 9.65 percent per annum from from 9.75 percent per annum earlier.

The Benchmark Prime Lending Rate (BPLR) is also reduced from 14.25 percent to 14.15 percent, the bank said in a release.

The revision in the rates shall be effective from August 1, 2016.

The Bank has recently reduced its Marginal Cost of Funds based Lending Rates (MCLR).

"The reduction in benchmark rates is expected to positively impact loan growth; both in the retail consumer segment, corporate sector lending, thereby supporting the growth impulses in the economy, " it said.

Besides, IDBI Bank has also changed retail deposit rates by 10-25 bps in selected buckets of '15-30 days', '31-45 days' and '3 years to less than 5 years.