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ICICI slash downs its policy rates

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The largest among the private lenders – ICICI has recently slashed its rates by 50 basis points which will in turn benefit millions of home, corporates and other consumers as per the sources of www.propertykhazana.com. This step was taken just after the Reserve Bank of India made a correction of - 25 basis points at its policies. In addition bank also declares to lower the rate of deposit by 25 -30 basis points for its consumers across the country and the new rates will be implemented from 24th April next year.
The most appreciated step of RBI came in the form of reducing the short term lending rates or repo and the borrowing or reverse rates of repo by another 25 basis points which staged up to 4.75 percent and 3.25 percent respectively which will be in effect soon as added on www.propertykhazana.com. ICICI bank further goes down to the floating reference rate to 13.25 percent which will be very fruitful to the existing floating rate customers of the bank.
Looking to these revisions of ICICI, now other banks like SBI and few more are declaring correction for their existing and fresh dealing with in a very short interval. O P Bhatt – Chairman of SBI has revealed after the meeting with RBI governor that “if RBI is making a cut on the rates than obviously there will be similar response from the banks on various slabs of policies”. Same supportive comments were flooded by various chiefs of the Banks and other financial organization like S K Goel from UCO bank and many others. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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