Housing Development Finance Corporation (HDFC) on Friday reduced its retail prime lending rate (RPLR) by 20 basis points to 9.9 per cent, with effect from April 13.
Besides, HDFC has also revised downwards its deposit rates across various maturities. After the Reserve Bank of India’s monetary policy earlier this week, Keki Mistry, vice-chairman & CEO, HDFC, had said, “… as I cannot talk in advance of the asset liability committee, my sense is that, yes, there is a possibility that we could also look at a rate cut.”
Following RBI’s policy that urged transmission of successive repo rate cuts, State Bank of India and HDFC Bank slashed their base rate or the rate below which they cannot lend by 15 bps each to 9.85 per cent ICICI Bank cut rates by 25 basis points to 9.75 per cent.
With PTI inputs