Mr. Gopal Bansal
(Promoter Executive Director)
News & Events
Indian Bank cuts lending rate by 0.30 per cent, BPLR by 0.25 per cent
Public sector Indian Bank will cut its lending rate by 0.30% with effect from February 9, 2013. It has also decided to cut its benchmark prime lending rate by 0.25%.
“The bank has decided to reduce its base rate from the existing 10.50% to 10.20%, with effect from February 9. The Benchmark Prime Lending Rate is reduced by 0.25% from the existing 14.75% to 14.50% annum,” the bank’s statement said.
Last week, Indian Bank Chairman and Managing Director T M Bhasin had said: “Rs 130 Crore amount of funds is what has been released (by Reserve Bank to the bank). It will generate an additional income of 33% since RBI decided to slash key interest by 0.25% for banks and release Rs 18,000 Crore additional liquidity into the system”.
“We have decided to pass on the advantage (to our customers) and we have decided to reduce the base rate to 10.20% from February 9, by 30 basis points (0.30%) from the present 10.50%,” he had said.
Source:Business Today
