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.
After the Legislative Assembly seats with Jatland and dominant Muslim votes, now Samajwadi Party
Our Official Stopped from Travelling Abroad: Greenpeace
New Delhi, Jan 11 (IANS) Environmental watchdog Greenpeace Sunday claimed that a woman official
The Supreme Court on Thursday gave a historic verdict on the appointment of the Chief Election Co
Haryana to scrutinise appointment of guest faculty
Chandigarh, March 10 (IANS) Scores of teachers recruited as guest faculty in schools across Har
Corona cases in the country may be increasing in some states, but active cases are getting reduce
The problem of the farmers of India is not hidden from anyone. The government is doing everything
Recently, the wedding of cricketer Smriti Mandhana and music composer Palash Muchhal was postpone
Prime Minister Narendra Modi dedicated 35 PSA Oxygen Plants established from PM Cares Fund in eig
For the first time, the indigenous dog breed has been included in the protection of PM Narendra M
Anushka Sharma Pregnancy: Bollywood actress Anushka Sharma has been in the news for some time abo
