The Hindu Business Line : More banks cut lending rates

Nov. 12 UCO Bank has cut it prime lending rate by 75 basis points at 13.75 per cent, effective November 10, according to a press statement by the bank.

“We want to give an assurance to our customers that there is no liquidity problem ,” said Mr V. K. Dhingra, Executive Director, UCO Bank.

UCO Bank, Mr Dhingra said, recently concluded a meeting with a few key clients from varied sectors such as textile, cement, NBFCs and real estate in order to seek their feedback and look for solutions to tide over the current crisis.

Banks have sufficient funds to lend; however, companies should take a re-look into the viability of certain projects and ascertain their project costs accordingly, he said.

Andhra Bank

Andhra Bank has dropped the benchmark prime lending rate (BPLR) by 75 basis points. With this the rate has come down from the existing 14 per cent to 13.25 per cent, effective November 10.

The change will benefit all loans linked to BPLR including loans given for housing, education and vehicles.

The bank is closely watching the position on deposit front and a decision to bring down deposit rate will be taken shortly, Mr R.S. Reddy, Chairman and Managing Director, said

More Stories on : Public Sector Banks | Interest Rates

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page