New Assocham chief calls for rate cuts by 50 basis pointsOctober 13th, 2009 NEW DELHI - The government must reduce repo and reverse repo rates by 50 basis points to enable industry avail of loans at reasonable rates, says Swati Piramal, the newly-elected president of the Associated Chambers of Commerce and Industry in India (Assocham). Interest rates across the whole economy should be stabilized between 4 percent to 6 percent with user-end interest rate on agriculture and allied investments at 4 percent," Piramal said while addressing her first press conference here Tuesday after taking charge.
Swedish central bank cuts key interest rate by a quarter point to record low of 0.25 percentJuly 2nd, 2009 Swedish Riksbank cuts rates to record low 0.25 pctSTOCKHOLM — Sweden's central bank on Thursday surprised markets by cutting its key interest rate by a quarter of a percentage point to 0.25 percent, saying the economic downturn appears to be deeper than previously forecast. It added that low official interest rates might not be enough to make financial markets recover and decided to issue loans of 100 billion kronor ($13.1 billion) to banks.
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.
State home loan lender reduces ratesJune 22nd, 2009 NEW DELHI - State-owned home loan lender Housing and Urban Development Corp (HUDCO) has lowered interest rates by up to 125 basis points. The new rates, which will come into force Tuesday, will bring down rates from 9.5 percent to 8.5 percent for home loans taken by widows and people from the Scheduled Castes (SC) and the Scheduled Tribes (ST) categories, a government statement said.
Russian central bank cuts interest rates by 1/2 percentage pointJune 4th, 2009 Russian central bank cuts interest ratesMOSCOW — Russia's Central Bank on Thursday cut its key interest rate by half a percentage point to 11.5 percent — the third time since April it has slashed borrowing costs to help its economy through recession. The bank said in a statement that the new refinancing rate will be effective Friday.
SBI slashes deposit rates by 50 basis pointsMay 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.
Iceland's central bank lowers interest rates by 2.5 percentage points to 13 percentMay 9th, 2009 Iceland cuts interest rates to 13 percentLONDON — Iceland's central bank has cut official interest rates by 2.5 percentage points to 13 percent to help the country's troubled economy. It is the third cut in rates this year by the central bank, called Sedlabanki.
SBI slashes deposit rates by 25 basis pointsMay 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.
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.
ICICI Bank slashes home loan ratesMarch 7th, 2009 MUMBAI - Two days after the country's central bank lowered key rates, private lender ICICI Bank Friday cut interest rates in new home loans by 25-50 basis points. For home loans less than Rs.2 million, the lending rate would come down to 9.75 percent from 10 percent, a bank spokesperson said.
Union Bank cuts new home, car loan ratesMarch 1st, 2009 NEW DELHI - Public sector lender Union Bank of India has lowered interest rates on new home loans by 25 to 100 basis points and car loans by 125 to 150 basis points. The new rates would be effective from Sunday, the bank said in a statement Saturday.
Punjab National Bank cuts car loan rates by 50 basis pointsMarch 1st, 2009 NEW DELHI - Public sector lender Punjab National Bank (PNB) has lowered interest rates for car loans by 50 basis points, effective from Sunday. 'The interest rate on car loan would come down from 11-11.5 percent to 10.5-11 percent, with effect from March 1,' PNB said in a statement Saturday.
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.
Punjab National Bank, Bank of Baroda reduce lending ratesDecember 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.
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