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India's HDFC Bank cuts lending rates by 50 bps
08 December 2008

Mumbai: India's second-largest private sector lender, HDFC Bank Ltd said on Monday it was cutting its prime lending rate by 50 basis points to 16 percent following rate cuts by the central bank on the weekend.

The reduction would be in two stages of 25 basis points each from Dec. 15 and Jan. 1, the bank said in a statement.

The prime lending rate is what the bank charges its top-rated customers.

India's central bank on Saturday cut its key short-term lending rate by 1 percentage point to 6.5 percent to boost growth and shore up investor sentiment.

Shares in HDFC Bank closed up 1 percent at 898 rupees in a firm Mumbai market, ahead of the rate cut announcement.

Source : Sify News

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