Kotak Mahindra, YES Bank cut base rate by 25 bps

New rates to come into effect from October 5

Private sector lenders YES Bank and Kotak Mahindra Bank today cut their base rates by 25 basis points to 10.25% and 9.5% respectively.

The minimum base rate will come into effect from October 5, the banks said.

The move comes two days after the RBI cut repo rates by 50 bps.

State Bank of India (SBI) was among the first banks to reduce its base rate by 40 basis points (bps) to 9.3%. It was soon followed by Bank of Baroda, Punjab National Bank and others.

After the announcement, shares of Kotak were up 0.41% at Rs. 651.50, whereas YES Bank shares were trading 0.56% down at around Rs. 725.50.