For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

IDBI Bank slashes lending, deposit rates by 0.25 per cent

|
IDBI Bank slashes lending, deposit rates by 0.25 per cent
IDBI Bank: Quotes, News
BSE 34.00BSE Quote0.5 (-1.47%)
NSE 33.95NSE Quote0.5 (-1.47%)
After the Reserve Bank of India (RBI) reduced the repo rates and CRR rates, IDBI Bank slashed its lending and deposits rate.
 

The loans will become cheaper by 25 bps reduction in its Base Rate to 10.25% with effect from February 1, 2013.

IDBI Bank has taken this pro-active step, keeping in view the policy measures announced by the RBI in its 3rd quarter review of Monetary Policy on Tuesday.

The reduction in interest rate is expected to positively impact loan growth; both in the retail consumer segment, as also revitalize fixed capital formation through higher corporate sector lending, thereby supporting the growth impulses in the economy.

The Bank has also decided to reduce the Retail Term Deposit Rates in select buckets by 25 bps with effect from February 1, 2013.

Shares of the bank were seen trading at Rs 107, higher by 0.65% on BSE at 10.25 am IST.

GoodReturns.in

Story first published: Wednesday, January 30, 2013, 10:30 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more