Citi Stuns Markets by Slashing Loan Rate – See What’s Next for Borrowers & Stocks
Citibank lowered its base lending rate to 7.00% from 7.25%, effective October 30, after the U.S. Federal Reserve cut its policy rate by 25 basis points to 3.75–4.00% on October 29. Citigroup shares fell 2.2% to $99 following the news, despite a strong year-to-date rally. Indian banks also trimmed lending rates in October, while the Reserve Bank of India kept its repo rate steady at 5.50%.