United Bank of India cuts lending rate by 0.25 pc

State-owned United Bank of India today slashed base rate or minimum lending rate by 0.25 per cent.

It has been decided to reduce the base rate of the bank from 10.50 per cent to 10.25 per cent with effect from March 24, United Bank of India said in a filing on the BSE.

All new loans, including home and car loans, would become cheaper by 0.25 per cent with reduction in base rate.

Shares of the United Bank of India was trading at Rs 28 per unit, up 3.70 per cent on the BSE.

Earlier this month, another public sector lender Allahabad Bank, however, raised base rate by 0.05 per cent to 10.20 per cent from 10.25 per cent.

In its Third Quarter Review of Monetary of Policy, the RBI in January raised the key repo rate to 8 per cent in a bid to curb inflation.

The central bank's move was expected to translate into higher EMIs and push up borrowing costs for corporates.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India must take the UN’s lead in recognising gay rights

    In what has by now become a matter of course, our judiciary again demonstrated that it is miles ahead of our government in terms of staying in tune wi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

Today's Columns

Urs Schoettli

Lee’s legacy will always guide Singapore

LEE Kuan Yew, the father of modern Singapore, died last ...

Rajgopal Nidamboor

Forget the past and embrace the present

It is all right to believe that one should always ...

Bubbles Sabharwal

Relationships and bitter realities

It’s a tangled web we spin The relationships we make, break ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture