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Kotak Mahindra, YES Bank cut base rate by 25 bps

Rupees

New Delhi: Private sector lenders YES Bank and Kotak Mahindra Bank today cut their base rates by 25 basis points to 10.25 percent and 9.5 percent respectively.

The minimum base rate will come into effect from both the banks from October 5. Both Yes Bank and Kotak Mahindra Bank have joined the lower rate bandwagon two days after the cut in repo rates by 50 bps by RBI Governor Raghuram Rajan.

State Bank of India (SBI) was among the first few major banks to reduce its base rate by 40 basis points (bps) to 9.3 percent soon followed by Bank of Baroda, Punjab National Bank and others.

After the announcement, shares of Kotak bank traded with a gain of 0.41 percent at Rs. 651.50, whereas Yes Bank’s shares traded around Rs. 725.50 with a fall of 0.56 percent. (ANI)