It has been reported that a state owned bank United Bank of India unveiled to cut down its lending rate. Yesterday bank reduced its rate from 10.50% to 10.25%.In a report to Bombay stock exchange the bank stated that the revised rates will be applicable from 24th March, 2014.
It is expected that after the reduction in base rate – the minimum rate at which bank lends the car loans and home loans will also become cheaper by 0.25%. Lastly Allahabad bank raised its rate by 0.05%. Earlier the Apex bank increased its repo rate in order to curb inflation and push the borrowing cost for the corporate.