Kolkata, Jan 15 (IANS) Following the Reserve Bank of India's (RBI) move to cut the repo rate by 25 basis points to 7.75 percent, state-owned United Bank of India (UBI) followed suit announcing reduction of the minimum lending rate by 0.25 percent.
"It has been decided by the asset liability management committee January 15, that the base rate of the bank will be reduced from 10.25 per cent to 10 per cent effective February 1," UBI said in a statement.
With the reduction in the base rate, all kinds of loans, including housing and auto loan, are expected to become cheaper.
The bank had earlier revised its base rate to 10.25 percent and with the recent cut it is now at par with State Bank of India and other top public sector banks which have their benchmark rate pegged at 10 percent.
The Kolkata-based bank, however, became the first to initiate the base rate reduction.
RBI's rate cut comes after a gap of over 20 months, the last being May 3, 2013, when the repo rate was slashed by 0.25 percent.
Repo rate is the rate at which RBI lends money to commercial banks in case of any funds crunch.
Charge sheet filed against nine over Japanese woman's rape
Jaipur, Feb 20 (IANS) Rajasthan Police Friday filed a charge sheet against the main accused and
Sunderbans hardly prepared for climate change, migration
Kolkata, March 12 (IANS) The fragile Sunderbans - the largest mangrove forests and delta region
Air India flight AI173 from Delhi to San Francisco had a technical glitch in one of its engines o
The new case of Corona in the country has again set a new record. In the last 24 hours, 4.14 lakh
Modi, Kerry Pay Tribute to Paris Terror Victims
Gandhinagar, Jan 11 (IANS) With Parisians gearing up Sunday to hold a massive solidarity rally
UK's discriminatory attitude, we will also take retaliatory action; India's warning on Covishield
The Indian government says that Britain has adopted a discriminatory attitude by not recognizing
Former Bihar Chief Minister and RJD chief Lalu Yadav, former Bihar CM Rabri Devi, Bihar Deputy CM
The results of the Lok Sabha elections have been announced across the country. Jailed Khalistani
Elon Musk, the world's richest person, has started raising funds to complete the deal with the mi
Ahmedabad plane crash An Air India plane crashed today at Sardar Vallabhbhai Patel International
