Smaller Indian banks have set their base lending rate between 7-8 per cent on Wednesday after State Bank of India set its base rate for loans at 7.5 per cent a day earlier.
IDBI Bank and Indian Bank said that they have fixed their base rate at 8 per cent while private lender Dhanalaxmi Bank set it at 7 per cent, effective July 1. Earlier in the day, state-run Bank of Baroda and Allahabad fixed their base rate at 8 per cent.
On Tuesday state-run Punjab National bank and private lender Bank of Rajasthan also announced a base rate of 8 per cent.
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