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Kotak Mahindra Bank cuts base rate by 15 bps to 9.85%

The bank follows other private and public sector banks that had already slashed their base rates

BS Reporter  |  Mumbai 

has revised its by 15 basis points (bps) from 10 per cent to 9.85 per cent with effect from Thursday. With this, home loan rates will come down.

The bank follows other private and public sector which cut their ICICI Bank, State Bank of India, Axis Bank and HDFC Bank had cut their last week, after the Reserve Bank of India (RBI)’s bi-monthly monetary policy statement.

In its monetary policy statement, said the transmission of policy rates to lending rates has not taken place so far despite weak credit off-take and the frontloading of two rate cuts. “With little transmission, and the possibility that incoming data will provide more clarity on the balance of risks on inflation, the Reserve Bank will maintain status quo in its monetary policy stance in this review.” it had said.

Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited

First Published: Tue, April 14 2015. 00:47 IST