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Following most big banks, private sector lender Kotak Mahindra Bank reduced its base rate by 10 basis points (bps) to 9.75% p.a from 9.85% earlier.
The revised rate will be effective from July 2, 2015.
Base rate is the minimum lending rate below which banks do not lend to borrowers. One basis point is 0.01 percentage point.
“All categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised Base Rate,” the bank said in a statement.
Following the RBI cut in June, most banks including State Bank of India, ICICI Bank, HDFC Bank and Axis Bank among others have also slashed their minimum lending rate.
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