Union Bank ups base rate to 10.25%

To protect its net interest margin, Union Bank of India has increased its base rate to 10.25 per cent from 10 per cent. The new rate is effective from September 6, said the bank in a statement.

Base rate is the minimum interest rate below which banks cannot lend. The public sector bank recorded a lower net interest margin of 2.63 per cent in the April-June 2013 quarter against 3.01 per cent in the year-ago period.

Source: thehindubusinessline