Two days after Reserve Bank of India cut the repo rate by 25 basis points; banks are also beginning to reduce their lending rate.
Known banks, like Kotak Mahindra has reduced its base rate by 9.40 per cent, effective 7th October.
Leading side by side with Kotak Mahindra, Canara bank has also cut its base rate by 5 basis points to 9.60 per cent.
These new rates will be effective from October 11th. The reduction in base rate will help the existing customers as most of them are still on the base rate.