Private banks are cutting lending rates to attract high-quality loan accounts. Recent data from the Reserve Bank of India reveals that private banks lowered rates by 15 basis points in August.Between July and August 2024, the WALR increased by 9 basis points, driven primarily by a 14 basis point rise in public sector banks, while private sector banks saw a 12 basis point decrease. By August 2024, the premium on fresh rupee loans over the repo rate was 3.69% for private sector banks, compared to 2.1% for public sector banks. In July, this premium stood at 3.84% for private banks and 2.05% for public banks.