MUMBAI: HDFC Bank, the country's second-largest private sector lender, has cut its base rate by 5 bps to 9.3% bringing its rate at par with State Bank of India. The latest rate cut is effective from January 4, 2016.

HDFC Bank has reduced its base rate by 70 basis points since April. The bank had slashed its base rate by a steep 35 bps in September. It had also cut this rate by 15 basis points twice, in April and June.

Mumbai, Dec. 20: HDFC Bank, the country's second-largest private lender, is feeling the impact of its thrust on digital banking that began more than two years ago.

Close to 63 per cent of the transactions done by its customers were through the Internet and mobile in 2014-15, up from 58 per cent in the preceding year and 44 per cent in 2012-13. Besides, its mobile phone apps such as PayZapp and Chillr have already seen a million downloads each.

Benchmark indices are trading in tight range with a negative bias ahead of the October industrial production data, which is scheduled to be released later today. The downside is on the back of selling pressure witnessed in capital goods, realty and banking shares.

At 11:30am, the S&P BSE Sensex was down 100 points at 25,145 and the Nifty50 was down 34 points at 7,649.

In view of floods, ICICI Bank today said it has decided not to impose any penalty on its Chennai customers for delay in EMI payments for November.

Besides, the bank will also waive off charges for cheque bounce for the same period, ICICI Bank spokesperson said.

Markets continue to maintain weak trend tracking weak global cues along with selling pressure among rate-sensitive and FMCG sectors leading the fall.

Global markets across the global witnessed negative activity after the much awaited European Central Bank (ECB) stimulus failed to meet the street expectations.

Bengaluru: United Spirits Ltd (USL) on Tuesday said HDFC Bank has sold 150,000 shares that the liquor maker’s chairman Vijay Mallya had pledged with the mortgage lender, for Rs.47 crore.

In a BSE filing, USL said HDFC Bank sold the shares pledged by Kingfisher Finvest to secure loans given to the holding company United Breweries Holding Ltd (UBHL).

The Indian equity markets are still soaring high, after a gap-up opening, mainly on the back of short-covering and strength witnessed in global peers. The broad based rally across the banking and auto shares lifted the sentiment.

Overnight, the Wall Street jumped euphorically post the released of US Federal Reserve’s meeting minutes that hinted at raising the interest rates in December as it feels confident about the health of the world’s largest economy.

HDFC Bank, India's second largest private sector lender, has rationalised the number of automated teller machine (ATM) network by 276 in the July-September quarter.

The bank has reduced the number of ATMs to 11,686 at the end of the quarter ended June.

Investigative agencies have traced the Rs 6,000-crore MONEY laundering scam involving Bank of Baroda (BoB) to 11 accounts of HDFC Bank, where the fraud might have actually commenced. More arrests of those involved in the case, besides six made by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), are expected in the coming days. The investigative agencies have found that the transactions through the 11 HDFC Bank accounts started way back in January, 2014, while those from BoB began sometime in August that year.

The amounts were transferred from HDFC Bank to BoB for making advanced remittances for imports that never took place. Meanwhile, ED is also investigating whether HDFC Bank accounts were used to make foreign transfers.

Housing Finance and Development Corp (HDFC), India’s largest mortgage financier, has reduced home loan rates by 25 basis points to 9.65 per cent. The lender will offer an additional discount of five bps to women.

The new rates, applicable to both existing and new borrowers, are effective Tuesday.

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