×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

UCO Bank cuts prime lending rates by 75 basis points

UCO Bank cuts prime lending rates by 75 basis points
Comment E-mail Print Share
First Published: Wed, Nov 12 2008. 01 03 PM IST
Updated: Wed, Nov 12 2008. 01 03 PM IST
Reuters
Kolkata: State-run UCO Bank has cut its benchmark prime lending rate by 75 basis points to 13.25% from 10 November, it said in a statement on Wednesday.
The cut comes after the Reserve Bank of India reduced its key short term lending rate by 150 basis points to 7.5% in two steps in October and November.
Last week, after a meeting with Finance Minister Palaniappan Chidambaram, state-run banks agreed to follow the central bank’s rate cut.
Shares in the bank were trading 0.86% down at Rs28.75 in the Mumbai market.
Comment E-mail Print Share
First Published: Wed, Nov 12 2008. 01 03 PM IST