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ICICI Bank slashes benchmark lending rate by 50 bps.
Posted on: 04-06-2009 , 04:: | DY365 Bureau

slashed its benchmark lending rate by 50 basis points to 15.75 percent, a move that would benefit the bank's home, auto, consumer and corporate loan borrowers.

 The benchmark advance rate (I-BAR) will be reduced by 50 basis points to 15.75 percent effective from tomorrow, ICICI Bank said in a statement.

The bank has also reduced the floating reference rate (FRR) applicable to floating rate retail loans, including floating rate home loan, by 50 basis points from June 5, it said.

The revised (FRR) will be 12.75 percent against existing 13.25 percent, it said.

All the existing floating rate customers to benefit from the cut, the statement added.



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