UBI Lowers Minimum Lending Rate to 10 Percent

Posted on 16th Jan 2015 12:43 pm by mohit kumar

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.

Other news

Referring to Putin, Defense Minister Rajnath Singh said, 'India does not want to rule the world'; the reason given

Defense Minister Rajnath Singh clarified in a program on Monday that India has no intention of ru

Rahul Gandhi Lok Sabha speech: 'Such mental patients...', Samrat Choudhary got angry on being called violent by Hindus

Bihar BJP state president and state deputy chief minister Samrat Chaudhary has reacted sharply to

Nagaland CM wins trust vote

Kohima, Feb 5 (IANS) Nagaland Chief Minister T.R. Zeliang Thursday won a trust vote by garnerin

TCS Manager Suicide: That pain of Manav... Sister said- Full faith in the police, wife Nikita gets a big shock from High Court.

Allahabad High Court has refused to stay the arrest of IT company manager Manav Sharma's mother-i

Chinese syringe faded: The truth revealed in research on Covid death; 73% of those who died after the vaccine had the Chinese vaccine

There were 7636 deaths from Corona between 1 September-30 October 2021 in Malaysia, with a popula

Disabled: Big decision of the Center - No adjustment of the meritorious disabled selected in the general category in the reserved category

The meritorious Divyang selected in the general category will no longer be accommodated in the re

West Bengal: 'Situation like Bangladesh in Bengal', BJP attacks Mamata government

The BJP has expressed concern over the deteriorating law and order situation in Bengal. The party

National Herald Case: Congress will agitate across the country on the day of Sonia Gandhi's appearance in ED, the party will meet again today

The party will launch a nationwide agitation against the central government against the ED's summ

Haridwar: Entry of non-Hindus is prohibited, and making reels is also strictly forbidden... Boards have been put up at various places on Har Ki Pauri.

Boards have been put up at various places on Har Ki Pauri in Haridwar, clearly stating that entry

IND vs PAK: Gavaskar targets PCB, says action should be taken for not holding press conference, no right to stop the match

The handshake controversy between India and Pakistan in the Asia Cup 2025 is still in the news. T