HDFC Bank, country’s second largest private sector lender, is planning to reduce its benchmark lending rate by 0.2%, making loans cheaper for borrowers. As per the revision minimum lending rate, of HDFC Bank will become 9.8% from the existing 10%.
The bank is expected to slash benchmark prime lending rate (BPLR) by similar percentage points to 18.30%.The new rates will be effective from June 30, 2012. The short-term lending rate (repo) has been kept unchanged at 8 per cent, the CRR, portion of deposits banks are required to park with the RBI, will be 4.75%.
