Benchmark Lending is the interest rate the banks pay when they borrow money. That's right; your bank borrows money, too. They must have a certain amount of money on reserve, and when they don't they borrow money over a very short term (such as one night).
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So the floor isn't the lowest you can go. There's something under the "floor". The rate known as "prime" has been the popular benchmark for lending in
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Taking a cue from the series of moves by RBI, banks pared rates. Public sector banks cut their benchmark prime lending rates up to 200 basis points, and private banks 50 basis points. The decline in deposit rates has been steeper with some banks lowering rates over 200 basis points for certain maturities.
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Last night in
The banking system is headed towards a cheaper rate regime. We will cut benchmark lending rates in two tranches. We may cut our rates at least 50 basis points in the first tranche in eight to ten days and further cuts will be made in the next tranche with a 15-day lag.