Fed signals end of government debt-buying program; says economy 'leveling out'August 12th, 2009 Fed signals vote of confidence in economyWASHINGTON — The Federal Reserve delivered a vote of confidence in the recovery on Wednesday, declaring that economic activity is "leveling out." The central bank also signaled that it would end one of its programs aimed at propping up the economy, and kept a key lending rate at a record low. The Fed said it would gradually slow the pace of its program to buy $300 billion worth of Treasury securities so that it will shut down at the end of October, versus September.
Power Finance may slash interest rates by 25 bpsJuly 2nd, 2009 KOLKATA - State-owned Power Finance Corp Ltd (PFC) may cut its lending rate by 25 basis points to 11.5 percent keeping in view the fall of interest rates, a company official said here Thursday. "We may reduce our rates and align it with present market levels," said M.K.
Allahabad Bank not likely to cut rates soonJune 24th, 2009 KOLKATA - State-run Allahabad Bank is unlikely to cut either interest rates or deposit rates soon, a top bank official said here Wednesday. There is a demand that interest rates should be made affordable but there are other factors that need to be taken into account, the bank's chairman and managing director K.R.
Report: UK mortgage lending 2.3 bln pounds in May, weakest in 8 yearsJune 23rd, 2009 UK May mortgage lending weakest in 8 yearsLONDON — Net mortgage lending in the United Kingdom was 2.3 billion pounds ($3.7 billion) in May, the weakest monthly amount in eight years, the British Bankers Association said Tuesday. The report came as further evidence of sluggish lending activity in the U.K.
UCO Bank to slash lending rates next weekJune 19th, 2009 KOLKATA - The city-based UCO Bank will cut its deposit and lending rates by 50 basis points soon, a top bank official said here Friday. We would cut both the deposit and lending rates by 50 basis points from June 27, UCO chairman and managing director S.K.
Finance minister asks banks to cut interest ratesJune 11th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected. Between September 2008 and April 2009, RBI reduced the key policy rates and also reduced the CRR (cash reserve ratio) and SLR (statutory liquidity ratio) requirements for banks," Mukherjee told heads of public sector banks here.
Pranab Mukherjee to meet heads of public sector banks todayJune 10th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee will meet heads of public sector banks today. Issues like review of interest rates of banks, credit growth and agriculture loans will be discussed during the meeting.
US dollar 3-month interbank lending rate edges higher as markets begin to price in Fed hikesJune 8th, 2009 Dollar 3-month interbank lending rate edges higherLONDON — The cost of three-month dollar loans between banks rose from record lows Monday amid growing expectations that the worst of the U.S. recession is over and that the U.S Federal Reserve may start to lift borrowing costs sooner rather than later.
SBI may review rates by May-endMay 8th, 2009 KOLKATA - State Bank of India (SBI), the country's largest lender, may review rates by May-end as it has seen a steady rise in deposits last fiscal, a top official said here Friday. 'Our deposits are growing at fantastic rates; we see an excess of supply over demand,' SBI chairman O.P.
PNB reduces lending rate by 50 basis pointsApril 30th, 2009 NEW DELHI - The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent. The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 per cent effective tomorrow, the bank said in a statement.
Punjab National Bank rules out further cut in interest ratesMarch 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.
Two more banks cut lending ratesJanuary 1st, 2009 NEW DELHI - Two more state-owned banks joined the banking community in cutting lending rates by 50 to 70 basis points. In a regulatory statement, State Bank of Travancore announced Friday that it had revised the benchmark prime lending rate (BPLR) from 13.25 percent to 12.75 percent with effect from Jan 1.
ICICI Bank, LIC Housing cut home loan ratesDecember 30th, 2008 MUMBAI - Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps). While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.
More state-owned banks reduce lending ratesDecember 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.
Further rate cuts possible, says PM's economic adviserDecember 22nd, 2008 MUMBAI - A senior member of the Prime Minister's Economic Advisory Council Tuesday said there was more room for rate cuts by the end of this financial year. Maintaining that the central Reserve Bank of India (RBI) still had room to cut short-term lending rates, council chairman Suresh Tendulkar said: 'A one percentage point cut in both repo and reverse repo rates is desirable.'
He added that inflation is expected to decline to around 4-5 percent by the end of this fiscal.
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