Urban housing mortgage major HDFC announced that it will cut its lending rates by the end of the week.
The Reserve Bank on Monday asked banks to notify the base rate, or the minimum lending rate, at least once in every three months.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
In the past few years, banks have been reducing the spread of retail loans for new customers while keeping the base rate unchanged.
Lending rates in certain segments may be increased; fixed depositors may lock into existing rates.
he reason behind the cut in policy rate seems to be a slowing economy
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