Country's largest private sector lender ICICI Bank today pegged its minimum lending rate at 7.5 per cent, the same as State Bank of India's (SBI) rate.
"ICICI Bank base rate (I-Base) is fixed at 7.5 per cent, effective July 1," the lender said in a statement.
India's largest bank SBI yesterday had announced the base rate at 7.5 per cent.
The existing benchmark prime lending rate (PLR) of ICICI Bank stood at 15.75 per cent.
As per the RBI directive, the base rate system, which aims at introducing transparency in lending operations, will replace the existing PLR from tomorrow.
Banks rate is the lowest lending rate below which they cannot lend.
