Reliance Capital cuts lending rates

Anil Ambani-led financial services provider Reliance Capital Ltd on Wednesday cut its prime lending rates (PLR) by 25 basis points.

In a statement here, the company said the rate cut is effected by Reliance Commercial Finance and Reliance Housing Finance.

According to Reliance Captial, the 25 basis points rate cut is the higest cut amongst non-banking finance companies and housing finance companies post the policy rate cut announced by Reserve Bank of India (RBI) recently.

"We are happy to announce a reduction in our lending rates by 25 bps across categories in our Housing loans and Commercial Finance. We are passing on the entire benefit, we have got from the banking system, to our customers. This is also in line with the RBI and government's focus to fuel growth by reducing interest rates," K.V. Srinivasan, CEO, Reliance Commercial Finance and Director Housing Finance, was quoted as saying in the statement.

"We are open to further reduction in rates depending on the cost of funds and further reduction by RBI," he added.

The revised rates will be applicable to customers including existing ones with immediate effect.