Kotak Mahindra Bank lowers base rate to 9.75 per cent

MUMBAI: Private sector lender Kotak Mahindra Bank has reduced its base rate, or minimum lending rate, by 10 basis points to 9.75%, mirroring similar moves by State Bank of India and ICICI Bank earlier this month.

“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 on Wednesday, adding that the new rate will be effective from July 2.

SBI and ICICI Bank — the largest lenders in the public and private sector, respectively, have cut their minimum lending rates to 9.7%. Citibank too, has joined the local lenders in cutting rate. It has reduced it by 15 basis points to 9.35% from July 1, making it the most competitive among large lenders.