Industry bodies have welcomed rate cut by RBI. FICCI President Dr Jyotsna Suri said the industry has been strongly advocating need for a deeper rate cut and is delighted by the decision. She said the FICCI is looking forward to a faster transmission by banks as it would give a boost to the much needed investment and consumption demand in the economy. Appreciating the rate cut, CII Director General Chandrajit Banerjee said Industry is happy that the RBI has finally recognised the weakness in underlying economic activity and the need for a reduction in borrowing rates to drive recovery. He said exports from the country have been falling sharply and in this scenario, investments cannot be expected to pick up without a significant reduction in interest rates. Meanwhile, country's largest public sector bank SBI slashed its lending rate by 0.40 per cent to 9.3 percent. The bank in a statement said that with the reduction in the base rate, all loans including home, auto and corporate, would become cheaper by at least 0.40 per cent. It also said the bank will also be cutting fixed deposit rates by 0.25 per cent across various maturities from 5th of next month.The largest private sector lender ICICI Bank also hinted at cutting its base rate by at least 0.25 per cent. Talking to reporters managing director and chief executive Chanda Kochhar said that a large part of the cut will get transmitted and it should be more than half percent. Andhra Bank also reduced its base rate by 0.25 per cent to 9.75 per cent effective from today.Yes Bank MD and CEO, Rana Kapoor said the decrease in policy rate will help to reinforce the structural policy reforms of the government, allowing an investment-led job-creating rejuvenation in the consumption demand.