HDFC Bank to cut lending rates?

HDFC Bank has decided to cut its benchmark lending rates by 0.1% with effect from March 30.

HDFC Bank has decided to cut its benchmark lending rates by 0.1% with effect from March 30.

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The base rate, or the minimum lending rate, of the country's second largest private sector bank will become 9.6% from the existing 9.7%, sources said.

At the same time, the benchmark prime lending rate (BPLR) of the bank is expected to be slashed by similar margin to 18.10%.

The new rates would be effective from March 30, sources added.

HDFC Bank has become the first bank to cut lending rate after the RBI cut the short-term lending rate by 0.25% on March 19.