HDFC Bank to cut base rate by 10 bps - source

MUMBAI, March 28 Thu Mar 28, 2013 8:08am EDT

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MUMBAI, March 28 (Reuters) - HDFC Bank, India's No.3 lender, will cut base rate by 10 basis points to 9.6 percent, effective March 30, a source familiar with the matter told Reuters.

The source did not want to be identified as the matter had not been made public yet.

Last week, India's central bank lowered its benchmark policy rates by 25 basis points for the second time this year. (Reporting by Swati Pandey; Editing by Bijoy Koyitty)

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