Private sector banks fall behind in passing rate cut benefits to borrowers

The average fall in lending rates for banks such as Axis Bank, ICICI Bank, Federal Bank and DCB was about 22 basis points on fresh loans compared with RBI's 115 basis points reduction in the past year. A basis point is 0.01 percentage point. But the reduction of benchmark rates by state run banks such as the State Bank of India, Indian Overseas Bank was 120 basis points, data from the central bank shows.

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