IDBI Bank reduces interest rates on term deposits

July 10th, 2009 KOLKATA - State-run IDBI Bank is expecting a loan disbursement growth of 18 percent and deposit growth of 20 percent this fiscal, considerably lower than that achieved in the last financial year, a top bank official said here Friday. In 2008-09, its loan portfolio grew at 26 percent and deposit at 56 percent.

June 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.

May 21st, 2009 HONG KONG - Hong Kong's leading bank, HSBC Holdings, Thursday was offering interest rates so low that customers would need to save $250,000 for a year to earn enough interest to buy a cup of coffee. A record low interest rate of 0.001 percent was being offered by HSBC, which has 4.2 million customers in the city of seven million, because of what it described as rock-bottom interbank rates.

May 13th, 2009 MUMBAI - State Bank of India (SBI), the country's largest lender, slashed deposit rates by 50 basis points on various maturities Wednesday. The new interest rate will be effective from May 18, the bank said in a regulatory statement.

May 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.

May 2nd, 2009 MUMBAI - The country's largest lender State Bank of India Saturday said it has cut deposit rates by 25 basis points (bps) effective from Monday. The new interest rate, for a deposit of 15-45 days, will be 3.75 percent, while deposits up to 10 years will fetch interest of 8.25 percent, SBI said in a statement.

April 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.

April 21st, 2009 MUMBAI - India's Central bank cut key rates Tuesday by 25 basis points in a move to infuse more liquidity into the system and stimulate lending growth. The Reserve Bank of India (RBI) cut the repo rate by 25 basis points from the current 5 percent to 4.75 percent, while the reverse repo rate has been brought down to 3.25 percent from 3.5 percent earlier.

April 8th, 2009 MUMBAI - Concerned over the rising non-performing assets (NPA) and high cost of deposits, India's bankers Wednesday told the Reserve Bank of India (RBI) that there was not much room for lending rates to go down. 'If there is a sharper downturn, it can further impact the asset quality.

March 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.

March 25th, 2009 NEW DELHI - Housing finance company HDFC Tuesday announced a reduction in its retail prime lending rates (RPLR) by 50 basis points (bps) from March 25. This is the second time in three months that HDFC has reduced its RPLR.

March 18th, 2009 TOKYO - Japan's central bank Wednesday kept its benchmark interest rate unchanged at 0.1 percent but decided to step up its purchases of government debt. The Bank of Japan is to increase its monthly purchases of long-term government debt from 1.4 trillion yen ($14.21 billion) to 1.8 trillion yen to inject liquidity into money markets and prevent the rise of long-term interest rates.

January 5th, 2009 KOLKATA - The United Bank of India (UBI) has reduced its prime lending rate by 50 basis points to 13 percent effective from Jan 12, it said here Tuesday. 'With this, the existing floating rate in all corporate and retail categories borrowers such as SME (small and medium enterprises), agriculture, housing, auto and vehicle loans, as well as potential borrowers will get the benefit of reduced rate of interest,' a bank statement said.

December 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.

December 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.