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Axis Bank cuts benchmark lending rate by 0.5%

15 May 2009 Evaluate

India's third largest private sector lender Axis Bank has reduced its benchmark prime leading rate (BPLR) by 0.5 per cent from today. The bank's BPLR now stands reduced at 14.75 per cent. The rate cut came a day after Reserve Bank Governor, D Subbarao said banks have scope to further lower their lending rates. Recently SBI has reduced its deposit rates. With surplus liquidity in the system, banks have witnessed a steady decline in their cost of funds over the past few months.

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Peers
Company Name CMP
HDFC Bank 726.20
ICICI Bank 1393.95
Axis Bank 1285.70
Kotak Mahindra Bank 446.50
Indusind Bank 878.05
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