Axis Bank, India’s third largest private sector bank, has revised its lending rate or base rate from 9.95 per cent p.a. to 9.85 per cent per annum.
The new rates will be effective June 30, 2015.
“Accordingly, the effective rate applicable to various fund-based credit and credit limits, which are linked to the bank’s base rate, will reduce by 10 basis points,” Axis Bank said in a statement.
Currently, the country’s largest lender State Bank of India, largest private lender ICICI Bank and second largest private lender HDFC Bank have the lowest base rate at 9.70 per cent.
The Reserve Bank of India’s 75 bps repo rate cut since January this year has been passed on partially to the borrowers by most big banks. The RBI Governor, Raghuram Rajan, has been nudging banks to pass on the benefits of the repo rate cut to the end customers.