IDBI Bank cuts base, deposit rates

Public sector lender IDBI Bank has cut its base rate by 25 bps to 10 per cent with effect from May 11, 2015. “The reduction in interest rate is expected to positively impact loan growth; both in the retail consumer segment, as also revitalise fixed capital formation through higher corporate sector lending, thereby supporting the growth impulses in the economy,” IDBI Bank said in statement. The bank also reduced its retail Term Deposit Rates in select buckets by 10-25 bps.