Passing on the benefit of recent repo rate-cut by Reserve Bank of India (RBI) to its customers, J&K Bank has announced a reduction in its benchmark lending rate.
The Bank revised its Base Rate, which is the minimum interest rate at which a bank can lend, by slashing its benchmark lending rate by 35 basis points, thereby making its loans cheaper for new as well as existing customers in the state and across the country, a Bank spokesman said in a statement. The bank announced its decision right after its Asset Liability Committee meeting chaired by the bank's Chairman and CEO Mushtaq Ahmad here at its Corporate Headquarters, he said.
Commenting upon the interest rate revision, Mushtaq Ahmad said: "Today we have decided to reduce the Base Rate by 35 basis points to 9.50 pc from existing 9.85 pc with immediate effect."
"Besides providing the world class financial solutions and banking services to our customers across the country we shall continue to extend all other benefits to our customers as and when the market allows us," he said.
Notably, RBI had announced the cut of 0.50 pc in its benchmark shot-term lending (repo) rate in its bi-monthly policy review on 30th September, 2015.