OREANDA-NEWS. IDBI Bank’s loans, linked to Base Rate will become cheaper following a 25 bps reduction in its Base Rate to 10.25% with effect from IDBI Bank has taken this pro-active step, keeping in view the policy measures announced by the RBI in its 3rd quarter review of Monetary Policy today. The reduction in interest rate is expected to positively impact loan growth; both in the retail consumer segment, as also revitalize fixed capital formation through higher corporate sector lending, thereby supporting the growth impulses in the economy.

The Bank has also decided to reduce the Retail Term Deposit Rates in select buckets by 25 bps with effect from February 1, 2013.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1027 branches and 1603 ATMs. The Bank had an aggregate balance sheet size of Rs. 2,73,199 crore and total business of Rs 3,57,582 crore as on December 31, 2012. IDBI Bank’s operations during the 9 month period ended December 31, 2012 resulted in a net profit of Rs. 1328 crore. The Bank’s operations during the last full financial year (2011-12) had yielded a net profit of Rs. 2032 crore.