The Hindu Business Line : UCO Bank plans to trim lending rate by 50 bps

Kolkata, June 19 The Asset-Liability Committee of UCO Bank has proposed a 50 basis points reduction in the Prime Lending Rate (PLR) effective from June 27, subject to ratification by its board.

The bank board will meet on June 27, said Mr S. K. Goel, Chairman and Managing Director. The bank’s PLR will come down to 12 per cent (from 12.5 per cent) post the reduction. This would be the fifth rate cut by the bank so far this year. “We plan to pass on the benefit of lower cost of funds to our customers,” he said. The bank, Mr Goel said, also plans to cut its deposit rates by 25-50 basis points across various maturities.

More Stories on : Interest Rates | Credit Market

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

Stories in this Section
Muthoot Finance looks at expansion of network

Rupee gains marginally

Forex reserves rise by $2.4 b

Future Generali eyeing sales via malls

Life insurers selling more ULIPs may have to infuse extra capital

SBI move will improve synergies, say analysts

UCO Bank plans to trim lending rate by 50 bps

Banks prefer to invite bids for selling NPAs

Call rate unchanged

Vijaya Bank plans to raise NRI deposit base

State Bank of Indore to be merged with SBI

‘Associates’ response matters more than size’

State Bank of Indore staff to strike work

SIB product for women