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Sunday, Dec 07, 2008
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 Money & Banking - Interest Rates
IDBI to cut deposit rates

Our Bureau

Mumbai, Dec. 6 The IDBI Bank Chairman and Managing Director, Mr Yogesh Agarwal, said his bank would be cutting deposit rates by 100 basis points next week.

“The RBI has sent a strong signal for reduction in interest rates. As for lending rates, we are ahead of the curve. We reduced our BPLR by 75 basis points about a month back. However, there will be sectoral adjustment in lending rates so that cost of funds comes down for borrowers,” he said.

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