United Bank of India increases base rate by 25 basis points

United Bank of India increases base rate by 25 basis points
Public sector lender United Bank of India on Thursday announced a hike in its base rate or minimum lending rate by 25 basis points (bps)  effective from Thursday.

"The bank has increased its Base Rate from 10.25 per cent to 10.50 per cent with effect from February 13, 2014," United Bank of India said in a filing to BSE.

The lender further disclosed in filing that it has reduced its deposit rate from 8.75 per cent to 8.50 per cent for all deposits of 1 year and above w.e.f. February 13, 2014.

Commenting on the development, the bank said that it has taken this decision in the view of the current economic situation and change in the repo rate by the Reserve Bank of India (RBI). This revision will impact the loan accounts linked to base rate," the state-run lender said in a statement.

Dion Global Solutions Ltd.

Story first published: Friday, February 14, 2014, 9:10 [IST]
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