ICICI Bank, the country’s second largest bank, yesterday cut its Floating Reference Rate (FRR) for retail loans as well as its benchmark advance rate by 50 basis points each, effective from today. Post the rate cut, its 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 rate cut would not affect the bank’s margins as the cost of funds has been going down. 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 in the midst of abundant liquidity available in the banking system.crackcrack
Company Name | CMP |
---|---|
HDFC Bank | 1516.65 |
ICICI Bank | 1131.00 |
Axis Bank | 1172.00 |
Indusind Bank | 1441.20 |
Kotak Mahindra Bank | 1703.00 |
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