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ICICI Bank cuts base rate by 5 bps; matches SBI, HDFC Bank

HDFC Bank's rate action was similar to SBI, which reduced its base rate by 15 bps in April and another 15 bps in June

BS Reporter  |  Mumbai 

In an indication of how major lenders are fighting it out to get a share of the tepidly growing loan market, - the country largest private sector lender - reduced its by only five basis points (bps) to 9.7 per cent, to match its biggest rivals, State Bank of India (SBI) and

Loan demand, particularly from the corporate sector, has been sluggish amid a slowing economy while home and automobile loans are the only segments where are pushing.



On June 2, the Reserve Bank of India (RBI) reduced the key policy rate or the by 25 bps to 7.25 per cent. immediately responded by reducing its by 15 bps to 9.70 per cent, leaving behind and In April, reduced its by 25 bps to 10.75 per cent, while reduced it by 15 bps to 9.85 per cent.

HDFC Bank's rate action was similar to SBI, which reduced its by 15 bps in April and another 15 bps in June.

However, banks' have only partially responded to RBI's policy rate reduction. Since January, has lowered the by 75 bps, while banks' cuts have been 25-30 bps only.

Meanwhile, on Thursday reduced its deposit rates for Rs 1 crore and above by 25 bps across various maturities. For deposits of more than one year to 455 days, it will offer 7.5 per cent interest, compared with eight per cent paid earlier.

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ICICI Bank cuts base rate by 5 bps; matches SBI, HDFC Bank

HDFC Bank's rate action was similar to SBI, which reduced its base rate by 15 bps in April and another 15 bps in June

HDFC Bank's rate action was similar to SBI, which reduced its base rate by 15 bps in April and another 15 bps in June In an indication of how major lenders are fighting it out to get a share of the tepidly growing loan market, - the country largest private sector lender - reduced its by only five basis points (bps) to 9.7 per cent, to match its biggest rivals, State Bank of India (SBI) and

Loan demand, particularly from the corporate sector, has been sluggish amid a slowing economy while home and automobile loans are the only segments where are pushing.

On June 2, the Reserve Bank of India (RBI) reduced the key policy rate or the by 25 bps to 7.25 per cent. immediately responded by reducing its by 15 bps to 9.70 per cent, leaving behind and In April, reduced its by 25 bps to 10.75 per cent, while reduced it by 15 bps to 9.85 per cent.

HDFC Bank's rate action was similar to SBI, which reduced its by 15 bps in April and another 15 bps in June.

However, banks' have only partially responded to RBI's policy rate reduction. Since January, has lowered the by 75 bps, while banks' cuts have been 25-30 bps only.

Meanwhile, on Thursday reduced its deposit rates for Rs 1 crore and above by 25 bps across various maturities. For deposits of more than one year to 455 days, it will offer 7.5 per cent interest, compared with eight per cent paid earlier.
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Business Standard
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ICICI Bank cuts base rate by 5 bps; matches SBI, HDFC Bank

HDFC Bank's rate action was similar to SBI, which reduced its base rate by 15 bps in April and another 15 bps in June

In an indication of how major lenders are fighting it out to get a share of the tepidly growing loan market, - the country largest private sector lender - reduced its by only five basis points (bps) to 9.7 per cent, to match its biggest rivals, State Bank of India (SBI) and

Loan demand, particularly from the corporate sector, has been sluggish amid a slowing economy while home and automobile loans are the only segments where are pushing.

On June 2, the Reserve Bank of India (RBI) reduced the key policy rate or the by 25 bps to 7.25 per cent. immediately responded by reducing its by 15 bps to 9.70 per cent, leaving behind and In April, reduced its by 25 bps to 10.75 per cent, while reduced it by 15 bps to 9.85 per cent.

HDFC Bank's rate action was similar to SBI, which reduced its by 15 bps in April and another 15 bps in June.

However, banks' have only partially responded to RBI's policy rate reduction. Since January, has lowered the by 75 bps, while banks' cuts have been 25-30 bps only.

Meanwhile, on Thursday reduced its deposit rates for Rs 1 crore and above by 25 bps across various maturities. For deposits of more than one year to 455 days, it will offer 7.5 per cent interest, compared with eight per cent paid earlier.

image
Business Standard
177 22