Axis Bank cuts base rate by 10 bps to 9.35%

New Delhi: Axis Bank has slashed its minimum lending rate by 10 basis points to 9.35 percent, with effect from July 27.

"Axis Bank has reviewed and decided to reduce the base rate of the bank by 10 basis points (0.1 percentage) from the current 9.45 percent to 9.35 percent. This will be with effect from July 27, 2016," it said in a release.

Also with effect from July 18, the bank has reduced the marginal cost of fund based lending (MCLR) by 0.05-0.1 percentage for various maturities.

Shares of Axis Bank closed 0.98 percent at Rs 558.45 on BSE.