ICICI Bank, one of the India's largest private sector banks, has announced a reduction of 0.35% or 35 basis points (bps) in the base rate (I-Base) with effect from Oct. 5, 2015 to 9.35%.
The earlier base rate was 9.70% p.a. With effect from Jul. 1, 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to I-Base.
The bank announced reduction in base rate after the RBI reduced key interest rates by 50 basis points. Now revised repo and reverse repo rate stood at 6.75% and 5.75% respectively compared with 7.25% and 6.25% earlier.
Shares of the bank gained Rs 7.15, or 2.67%, to trade at Rs 274.50. The total volume of shares traded was 108,747 at the BSE (9.45 a.m., Monday).