Comments
Following top banks, Kotak Mahindra Bank has also reduced its minimum lending rate or the base rate to 9.85 per cent p.a. thereby lowering EMIs on loans.
The new rates will be effective April 16 and will stay revised from the earlier rate of 10 per cent p.a.
"All categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised Base Rate," the bank said in a statement.
After pressure from the Reserve Bank of India to transmit policy interest rates, top banks including State Bank of India, ICICI Bank, HDFC Bank and Axis Bank have reduced their base rate.
At present, ICICI Bank's base rate stands among the lowest in the industry at 9.75 per cent.
Earlier this month, Kotak Bank also received RBI approval to merge ING Vysya Bank with it effective from April 1, making Kotak the fourth-largest private bank in the country.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.