Banks revise lending rates

Union Bank, Corporation Bank, Indian Overseas Bank and many other banks have reduced their lending rates

April 30, 2012 3:49 IST | India Infoline News Service

Union Bank of India has revised its base rate by 15 bps (basis points) to 10.50% from 10.65%, according to a release filed with the Bombay Stock Exchange (BSE). Corporation Bank has also revised the base rate for lending from 10.65% pa to 10.50% pa.

At the same time, Indian Overseas Bank has informed BSE that it has revised its base rate by 25 bps to 10.50% from 10.75%. The revised rates are effective from 1st May.

Base rate is the benchmark rate below which a bank cannot lend. The decline in base rate would make the loans cheaper. After the announcement of RBI’s (Reserve Bank of India) decision to cut key interest rate by 0.5% to 8% in its annual credit policy, several banks including ICICI Bank, IDBI Bank and Punjab National Bank have reduced both lending and deposit rates.

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