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Friday, February 1, 2013

BoB cuts lending, deposit rates

Bank of Baroda has cut its base rate and benchmark prime lending rate by 25 basis points each to 10.25 per cent and 14.50 per cent, respectively.

All loans, including retail and corporate, linked to these two lending rate benchmarks will become cheaper to that extent. The lending rate cuts are with effect from February 9.

The public sector lender has also pared deposit rates in shorter maturities by 15-20 basis points.

The lending and deposit rate cuts follows the Reserve Bank of India cutting the repo rate (the interest rate at which banks borrow short-term funds from the central bank) and cash reserve ratio (the slice of deposits that banks have to park with the central bank) on January 29 by 25 basis points each to 7.75 per cent and 4 per cent, respectively.

Source : thehindubusinessline


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