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Tuesday, June 30, 2015

Lakshmi Vilas Bank cuts base rate to 10.95%

Following all major banks, old private sector lender Lakshmi Vilas Bank reduced its base rate by 15 basis points (bps) to 10.95% p.a. from the earlier rate of 11.10% p.a.

The revised rates will be effective from July, 01, 2015.

“This move comes after the Reserve Bank of India (RBI) cut the key policy rate or the repo rate by 25 basis points earlier this month. Base rate is the benchmark rate to which all lending rates are linked. The said reduction is applicable to the existing as well as future loans,” the Bank said in a statement.

Rakesh Sharma, MD & CEO, Lakshmi Vilas Bank said, “As the economy is gaining momentum, the present reduction in Base Rate would further energies the investment sentiments and support long term growth. This will enable retail, MSME and export customers among others to avail funds at reduced rates and to stay competitive in their respective sectors.”


Source : Thehindubusinessline

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