HDFC Bank cuts lending rate by 25 basis points

The country's second largest private lender HDFC Bank Monday cut its benchmark lending rate by 25 basis points to 15.75 percent.

"The benchmark prime lending rate has been reduced to 15.75 percent per annum with effect from July 20," the bank said on its website.

"The cut in lending rate follows the reduction in the fixed deposits rate effective from May 18."

The bank had reduced its lending rate 50 basis points to 16 percent in December 2008.