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Now PNB, IDBI Bank do it, cuts lending rate by 0.25%

"The reduction in interest rate is expected to positively impact loan growth; both in the retail consumer segment, as also revitalise fixed capital formation through higher corporate sector lending, thereby supporting the growth impulses in the economy,"  IDBI Bank said.

Joining the rate cut spree, two public sector lenders, Punjab National Bank and IDBI Bank, today cut their base rates by 0.25 per cent to 10 per cent, which will lead to lower EMIs for its customers.Punjab National Bank (PNB) has revised downwards the base rate or minimum lending rate to 10 per cent from 10.25 per cent, effective May 7.However, the new base rate of IDBI Bank would be effective from May 11. All loans linked to its base rate of both the banks will now come down by at least 0.25 per cent.