UCO Bank unlikely to revise its rates now
By Neelima Shankar
Jan 7, 2013
Print    Email    RSS   

State-run, UCO Bank is unlikely to cut its lending and deposit rates before the Reserve Bank of India's third quarter review of monetary policy on January29th.

Mr. S Chandrasekharan, Executive Director of UCO Bank said, "There is tightness in the liquidity. Hence, deposit rates are staying firm. We will wait for signals from RBI on the direction of interest rates. We are unlikely to revise our rates before the monetary policy".

Earlier this week, HDFC Bank has reduced its base rate by 10 basis points to 9.7 per cent. But most of the banks have maintained their present rates despite there have been demand for rate cuts to revive the slowing growth of the Indian economy.

Mr. Chandrasekharan said that UCO bank had been reducing its dependence on bulk deposits and focusing on mobilization of low-cost deposits to keep its cost of funds under control.

The state-run bank has also witnessed 18.5 per cent growth in deposits and 14.7 per cent growth in advances in 2012. The bank is expecting around 20 per cent growth in its total business in the current financial year.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Fixed deposits in India: Benefits,...
Plan your tax, don’t evade it
Sweep in to Auto Sweep savings A/c
The recent interest rate hike
Financial ratios as an aid to financial...

NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...
If I invest 100000 rupees deposit for 2 year , how...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive