ICICI Bank responds positively to RBI annual policy

ICICI Bank, the largest private sector bank of the country, has responded positively to the Reserve Bank of India’s (RBI) measure of reducing the benchmark repo and reverse repo rates by 25 basis points (bps).

The bank has slashed its prime lending rate (PLR) by 50 bps to 16.25% effective April 22, 2009 and has also decided to reduce the deposit rates across various maturities by 25 to 50 bps, which will be applicable from April 24, 2009. Apart from this, ICICI Bank has also reduced floating rates by 50 bps to 13.25%.

Meanwhile, other banks like SBI, HDFC Bank, and UCO Bank are also set to follow ICICI Bank’s move.