Base Rate For ICICI On June 30

MUMBAI, INDIA (GaeaTimes.com)- ICICI Bank on Monday announced its decision to declare the base rate on June 30. Reportedly, India’s largest lender SBI (State Bank Of India ) has already fixed their base rate for all lending deals at 7.5 percent per annum. The new base rate of SBI shall be applicable from the first day of the upcoming month of July.

Besides the base rate, ICICI Bank has also gone ahead to have recommended a total dividend of 120 percent as the managing director announced at the Annual General Meeting of the bank on Monday. Chanda Kochhar told the media that all resolutions of Annual General Meeting shall be enforced soon in accordance to the market stand. In the later phase of the day, she also mentioned about the bank’s decision to announce the base rate for lending on June 30. She also underlined the fact that all current rates shall be underlined in accordance to the new base rate. The base rate happens to be the minimum interest rate which a bank charges against all loans. As a matter of fact, the Reserve Bank of India made an announcement in the month of February asking all banks to determine their base rate which is said to be discriminatory for the smaller borrowers.

The dividend recommendation of ICICI happens to be an outcome of the consolidated profits of the group. ICICI brand has recently been rated among the “Top 50 Global Brands” whose value stands tall at $14.5 billion. The new base rate which has already been announced by SBI is all destined to throw in stiff challenges to other banks. However, the market will be eagerly waiting for the base rate of ICICI which happens to be the country’s largest private lender bank.