PSU banks cut fresh deposit rates more sharply than private lenders in September: RBI data

In September, public sector banks cut their interest rates on fresh term deposits by 10 basis points. Private sector banks only reduced their rates by six basis points during the same period. Fresh rupee loan rates declined by six basis points at public sector banks while private banks maintained their rates. The weighted average lending rate for fresh loans fell to 8.51% from 8.61% in August.