Business Daily from THE HINDU group of publications
Friday, Jun 05, 2009
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Business Daily from THE HINDU group of publications Friday, Jun 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Private Banks Money & Banking - Interest Rates
Our Bureau Mumbai, June 4 ICICI Bank, the country’s second largest bank, on Thursday cut its Floating Reference Rate (FRR) for retail loans as well as its benchmark advance rate by 50 basis points each even as State Bank of India, India’s largest bank, said that it has room to further clip interest rates on deposits and advances by 25 basis points. The interest rate cuts by ICICI Bank will be effective from Friday. Post the rate cut, the private sector bank’s FRR and benchmark advance rate will be 12.75 per cent and 15.75 per cent, respectively. Even after the latest round of lending rate cut, ICICI Bank’s benchmark prime lending rate is higher than that of public sector banks such as SBI (12.25 per cent), Punjab National Bank (11 per cent), Bank of Baroda (12 per cent), etc. The ICICI Bank Chief Executive and Managing Director, Ms Chanda Kochhar, said that the rate cut would not affect the bank’s margins. “Rather than any other specific signal, we look at our cost of funds. Over the last six-seven months, the cost of funds has been going down,” she told a TV channel. Meanwhile, the SBI Chairman, Mr O. P. Bhatt, said that his bank had room to cut lending as well as deposit rates by 25 basis points. He pointed out that liquidity was abundant in the banking system. ICICI Bank cuts lending, deposit rates Banks take cue from RBI, cut rates ICICI Bank surges despite dip in Q4 net More Stories on : Private Banks | Interest Rates | ICICI Bank Ltd
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