Lockhart: No rush for Fed to raise rates, warns of lethargic recoverySeptember 30th, 2009 Lockhart: No rush for Fed to raise ratesWASHINGTON — A Federal Reserve official sees no need to rush to boost interest rates and rein in the extraordinary support for the economy, suggesting there are still dangers to the unfolding recovery. In a speech in Mobile, Ala., Federal Reserve Bank of Atlanta President Dennis Lockhart says: "I think it may well be some time before (a) comprehensive exit need be under way."
In recent days, other Fed officials have raised the prospect of having to raise rates quickly once the economy gains traction to ward off inflation.
Optimistic for the economy, Greenspan says no need for Fed to consider interest rate boostAugust 2nd, 2009 Greenspan says no need yet to raise interest ratesWASHINGTON — Former Federal Reserve Chairman Alan Greenspan says he doesn't think the Fed should be considering raising interest rates to ward off inflation — at least not yet. Greenspan says the Fed will have to rein in credit and raise rates at some point.
Interest rates to increase after Diwali: State Bank chiefJuly 13th, 2009 KOLKATA - The country's largest lender, State Bank of India (SBI), says interest rates charged by banks will go up by 25 to 100 basis points after Diwali, a top company official said here Monday. "If there is huge amount of credit growth, which I believe would happen with economic growth picking up, the interest rates will go up," said SBI chairman O.P.
Corporation Bank plans to raise Rs.1,000 croreJune 30th, 2009 KOLKATA - The state-run Corporation Bank is planning to raise Rs.1,000 crore this fiscal, a top official said here Tuesday. "This year we have already raised Rs.1,000 crore and we are planning to raise another Rs.1,000 crore through tier I perpetual bonds or tier II capital," J.M.
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.
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 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.
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.
IDBI Bank reduces interest rates on term depositsApril 29th, 2009 NEW DELHI - Taking a cue from the State Bank of India, the state-run IDBI Bank Wednesday announced cut in its interest rates on retail term deposits by 25-50 basis points across various maturity buckets. The bank has also realigned its maturity buckets by bifurcating the three-year-five-day to 10 years maturity bucket into two separate buckets : three-year-five-day to five years, and five years to 10 years.
SBI cuts interest rates for new SME loansApril 11th, 2009 MUMBAI - The State Bank of India has slashed interest rates for new small and medium enterprise loans besides announcing several measures to improve credit flows to the segment. India's bigger lender cut the lending rates for new SME loans up to 5 lakh rupees to eight per cent, and 10 percent for loans upto 5-25 lakhs.
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.
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.
Housing bank expects finance firms to reduce ratesDecember 29th, 2008 KOLKATA - India's apex housing finance institution, the National Housing Bank (NHB), expects housing finance companies to reduce lending rates, a top company official said here Tuesday. 'As we have reduced rates, we expect housing finance companies to reduce rates and pass on the benefits to consumers,' NHB chairman and managing director S.
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.
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