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Lakshmi Vilas Bank has reduced its base rate by 15 basis points (bps). The Bank's base rate now stands reduced to 10.95% p.a. from the earlier rate of 11.10% p.a. The revised rates will be effective from July 1, 2015.
This move comes after the Reserve Bank of India (RBI) cut the key policy rate or the repo rate by 25 basis points earlier this month.
Base rate is the benchmark rate to which all lending rates are linked. The said reduction is applicable to the existing as well as future loans.
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Rakesh Sharma, managing director & CEO, Laksmi Vilas Bank said that as the economy is gaining momentum, the present reduction in Base Rate would further energies the investment sentiments and support long term growth.
"This will enable retail, MSME and export customers among others to avail funds at reduced rates and to stay competitive in their respective sectors," said Sharma.
