The country’s largest lenders SBI, HDFC and ICICI on Wednesday cut their base rates following remarks of RBI Governor on banks cost of funds’ decline. While SBI and HDFC Bank cut rates to 9.85 percent, ICICI Bank slashed its lending rate to 9.75 percent.
PM launches Mudra Bank to help Small Entrepreneurs
Prime Minister Narendra Modi launched Mudra Bank (Micro Units Development Refinance Agency) on Wednesday to help small entrepreneurs get loans for their businesses. The financial institution will also act as a regulator for 'Micro-Finance Institutions (MFIs).