The Reserve Bank has asked banks to notify the base rate, or the minimum lending rate, at least once in every three months based on cost of funds. The direction comes soon after Reserve Bank cut repo rate by 0.25 per cent, the first reduction in 20 months, to boost credit and economic growth.Banks have in the past shown reluctance to pass on benefits of rate cut but have been proactive in raising benchmark lending rate soon after repo rate i.e. the rate at which RBI lends to banks, is hiked. At present, the review of the base rate does not have a fixed schedule.