BackUnion Bank of India cuts prime lending rate by 50 bps
1 min read
03 Nov 2008, 01:09 PM IST
Union Bank of India cuts prime lending rate by 50 bps
Premium
Mumbai: “State-run Union Bank of India has cut its prime lending rate by 50 basis points to 13.5% with effect from Monday," a senior official said.
“We expect interest rates to soften after the measures taken by the Reserve Bank of India and taking into account the liquidity conditions," Executive Director T.Y. Prabhu said.
On Saturday, RBI cut banks’ cash reserve requirements by 100 basis points to 5.5%, thereby releasing Rs400 billion into the banking system.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 03 Nov 2008, 01:09 PM IST
Next Story
