ICICI Bank cuts base rate by 35 bps

Private sector lender ICICI Bank on Thursday cut its base rate by 0.35 per cent to 9.35 per cent.

The new rate will be applicable from October 5. State-run Dena Bank too reduced its base rate, or minimum lending rate, by 0.30 per cent to 9.70 per cent from 10 per cent earlier.

The new base rate will be applicable from October 5. A number of lenders, including the country's largest State Bank of India , PNB, IDBI Bank, Bank of Baroda, Bank of India and Axis Bank reduced their base rate after RBI on September 29 effected a 50 basis points cut in repo rate.

SBI, Andhra Bank and Bank of India were among the first to cut base rate in the range of 0.20-0.40 per cent in response to RBI's surprise action.