UCO Bank cuts prime lending rates by 75 basis points

UCO Bank cuts prime lending rates by 75 basis points

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.

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