Mumbai: In a bid to woo customers in the
festival season, India's second largest lender ICICI Bank
today cut interest rates on auto loans by 50 basis points to
10.75 per cent with immediate effect.
The rate cut may prompt competitors to lower their
lending rates in the near term.
The reduction has come a few weeks before the Reserve
Bank is set to announce the half-yearly review of its annual
monetary policy.
With inflation expected to rise in the months ahead, the
Reserve Bank may signal interest rates hike in the monetary
policy review.
ICICI Bank has consolidated total assets of over USD 95
billion as on March 31, 2009 and has a presence in 19
countries.
Bureau Report
First Published: Thursday, October 08, 2009, 22:43