Corporation Bank reveals base rate between 8.25-8.5%
By Vaibhav Aggarwal
Jun 21, 2010
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Public sector lender, Corporation Bank has revealed that its base rate would be somewhere between 8.25 to 8.5% and that the final rate would be announced after its board meeting later this month.

"Our base rate is likely to be between 8.25 per cent and 8.5 per cent. Our board is meeting on June 22 to finalise the rate," Corporation Bank Executive Director Narendra Singh said.

He added that according to the current status, 40% of the bank's loans is lent out at sub PLR rates.

The bank does not fear any loss of business following the onset of base rate in the short term corporate loans category.

"The (credit) growth in the first three months (of FY11) has been flat. But in the months ahead, we expect demand to pick-up and growth for the fiscal is likely to be around 25 per cent," he said, adding that the bank's loan-book stood at Rs 63,000 crore as on March 31, 2010.


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