After ICICI, Kotak, Axis Bank reduces its lending rate

Axis Bank has reduced its lending rate across tenures by 5 basis points. The move comes after the RBI cut repo rate by 25 basis points to 6.25%.

Axis Bank has cut its overnight lending rate 8.80%, while its three year lending rate is 9.35%. One basis point is 0.01 percentage point.

ICICI Bank, Syndicate Bank, Indian Bank, Kotak Mahindra Bank and Canara Bank have already reduced the lending rate.

The MCLR regime now applies to all new borrowers and is closely linked to bank deposits rates.