UCO Bank to slash lending rates next week

July 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.

June 29th, 2009 KOLKATA - The city-based UCO Bank is likely to slash deposit rates by 50-100 basis points soon, a top official said here Monday. The bank cut its lending rates by 50 basis points recently to 12 percent.

June 27th, 2009 KOLKATA - State-run Allahabad Bank Saturday decided to slash its benchmark prime lending rate by 25 basis points from July 1. "The bank has decided to reduce the benchmark prime lending rate by 25 basis points from the existing 12.25 percent to 12 percent with effect from July 1, 2009," the bank said in a regulatory statement.

June 24th, 2009 KOLKATA - The state-owned United Bank of India (UBI) has reduced the benchmark prime-lending rate (BPLR) by 25 basis points, a bank statement said here Wednesday. The bank has reduced prime-lending rate by 25 basis points to 12 percent with effect from July 1, 2009, S.C.

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 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.

April 30th, 2009 NEW DELHI - Public sector lender Punjab National Bank (PNB) has reduced its benchmark lending rate by 50 basis points to 11 percent, it announced Thursday. The benchmark prime lending rate (BPLR) has been slashed from 11.5 percent to 11 percent from Friday, the bank 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 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 22nd, 2009 NEW DELHI - A leading industry lobby Sunday urged the country's central bank to lower prime lending rates (PLR) for agriculture and infrastructure projects to 10 percent from the current 15 percent to help economic expansion. A list of recommendations sent to the Reserve Bank of India (RBI) governor by the Associated Chambers of Commerce and Industry (Assocham) also called for a further slash of 50 basis points in repo, reverse repo and cash reserve ratios.

January 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.

December 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.

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 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.