Yes Bank cuts base rate to 10.5%

Yes Bank followed its larger peer HDFC Bank Ltd in cutting its lending rate after the latter announced a 15 basis point cut

Joel Rebello
First Published18 Jun 2015
Banks in India are cutting rate after the Reserve Bank of India (RBI) cut the key policy rate or repo rate by 25 basis points earlier this month. Photo: Mint<br />
Banks in India are cutting rate after the Reserve Bank of India (RBI) cut the key policy rate or repo rate by 25 basis points earlier this month. Photo: Mint

Mumbai: Yes Bank Ltd on Thursday cut its minimum lending rate or base rate by 25 basis points to 10.5% from 10.75%. The new rates will be effective from Monday, the bank said in a press release.

“The reduction is a consequence of the recent term deposit rate cuts of up to 25 basis points carried out by the bank across various tenors, which were made effective from 17 June,” the bank said. One basis point is 0.01 percentage point.

Yes Bank followed its larger peer HDFC Bank Ltd in cutting its lending rate. HDFC Bank had announced a 15 basis point cut in its base rate to 9.7% on Wednesday. This was bank’s second rate cut in three months and is also effective from Monday.

Banks in India are cutting rate after the Reserve Bank of India (RBI) cut the key policy rate or repo rate by 25 basis points earlier this month.

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