IDBI Bank cuts base rate by 10 bps to 9.65 per cent

Public sector IDBI Bank has reduced its base rate or minimum lending rate to 9.65 per cent per annum from from 9.75 per cent per annum earlier
The Benchmark Prime Lending Rate (BPLR) is also reduced from 14.25 per cent to 14.15 per cent, the bank said in a release.The revision in the rates shall be effective from August 1, 2016.The Bank has recently reduced its Marginal Cost of Funds based Lending Rates (MCLR).
“The reduction in benchmark rates is expected to positively impact loan growth; both in the retail consumer segment, corporate sector lending, thereby supporting the growth impulses in the economy, ” it said.
Besides, IDBI Bank has also changed retail deposit rates by 10-25 bps in selected buckets of ’15-30 days’, ’31-45 days’ and ‘3 years to less than 5 years.’

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