ICICI Bank said on Thursday it will cut its base rate by 0.25 percent to 9.75 percent from 10 percent. The bank also said it will cut interest rates for retail fixed deposits by 0.25 percent.
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Reserve Bank of India Governor Raghuram Rajan on Thursday said central bank and government efforts to clean up banks' balance sheets would be successful, and warned analysts against "scare-mongering" about the level of stressed assets in the sector. Full Article