Indian Bank cuts lending rate by 0.30%

Indian Bank on Monday announced that it will cut its lending rate by 0.30 per cent to 10.20 per cent with effect from February 9, 2013.

The bank has decided to reduce its base rate by 0.30 per cent from the existing 10.50 per cent. It has also decided to cut its benchmark prime lending rate by 0.25 per cent.

"The Benchmark Prime Lending Rate of Indian Bank is reduced by 0.25 per cent from the existing 14.75 per cent to 14.50 per cent per annum with effect from February 9, 2013," it added.

This comes a week after the Reserve bank of India cut its repo rate (the rate at which the RBI lends short-term money to banks) and cash reserve ratio (the slice of bank deposits parked with the RBI) by 25 basis points.


Source: thehindubusinessline