Mumbai: ICICI Bank, India's largest private lender, has cut its main lending rates by 50 basis points from Wednesday, the bank said, joining other lenders that have lowered rates to revive growth.
The benchmark advance rate, or the rate that it charges its top customers, now stands at 16.75 per cent from 17.25 per cent previously, the bank said in a statement.
It also cut rates for home loans by 50 basis points. The rates on term deposits have been slashed between 50 to 75 basis points, it said.
Last week, State Bank of India, the country's biggest lender, said it would slash its lending rate by 75 basis points from January 1.
The Reserve Bank of India has cut its main short-term lending rate by 250 basis points to 6.5 per cent since October as the economy showed signs of slowing more than many had expected.
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