Kotak Bank cuts base rate by 0.10 bps

Mumbai: After reducing its marginal cost of funds-based lending rate, Kotak Mahindra Bank today announced a 0.10 per cent cut for loans under the older base rate system.

"KMB has revised its base rate downward by 0.10 per cent to 9.30 per cent per annum with effect today, it said in a statement.

The bank had announced a cut of up to 0.45 per cent in its MCLRs across tenures earlier this week. Of this, 0.20 per cent was attributed to the benefit of additional deposits while the bank used its discretion to cut rates by another up to 0.25 per cent, hoping for better days ahead.