ICICI Bank cuts base rate by 0.05 per cent

Leading private sector lender ICICI Bank has announced a reduction of 0.05 per cent  in its base rate with effect from June 26, 2015. Base rate is the rate below which a bank cannot lend. The rate has been revised to 9.70 per cent per annum against 9.75 per cent.

The rate cut was announced after market hours. The ICICI Bank stock closed 0.60 per cent lower on the BSE.