The country's largest private sector lender ICICI Bank on Wednesday pegged its minimum lending rate at 7.5%, the same as State Bank of India's (SBI) rate.
"ICICI Bank base rate (I-Base) is fixed at 7.5%, effective 1st July," the lender said in a statement.
The existing benchmark prime lending rate 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 BPLR from Thursday.
On Thursday, ICICI Bank shares ended 2.4% lower at Rs841.40 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points.
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