STATESMAN NEWS SERVICE
Kolkata, 8 July
Public sector Union Bank of India today lowered its base interest rate or the minimum lending rate by 25 basis points in order to give a boost to the growth of credit in the country.
"Union Bank of India has reduced its base rate by 25 bps from 10.25 per cent to 10 per cent under all the slabs," the PSU bank said in a statement issued here today. The revised interest rates have become effective from today, according to the statement.
The bank is aiming to achieve substantial credit growth across all the sectors in the current financial year. The interest rate cut is aimed at boosting the credit growth, the statement said.
With the reduction in base rate the bank’s interest rates on home loan and car loan stand revised at 10 per cent and 10.45 per cent, respectively.
The Union finance minister Mr P Chidambaram, during a meeting with the chairmen of top banks last week, had advised the bankers to take a fresh look at their lending rates so that some benefits can be passed on to the common man.