ICICI Bank cuts lending rates by 10 basis points

Mumbai: The second largest private sector lender ICICI Bank has cut its lending rates by 0.10% which will make all loans cheaper, sources said on Monday. The move comes weeks after it cut its deposit rates and amid calls for banks to quickly pass on the benefits of rate cuts by the RBI, which stands at a full 75 bps since February. The bank has cut its marginal cost of funds based lending rate (MCLR)across all tenors by 0.10%, they said adding the new rates are effective immediately. The one-year MCLR, to which a majority of loans like residential mortgages and auto loans are tied, now stands at 8.65%, they said. Top private sector lenders, including ICICI Bank, Axis Bank and HDFC Bank had initiated deposit cuts between 0.10 and 0.25% in the middle of June across select buckets. PTI