Some public sector banks are reducing their lending rates following the meeting of their chief executives with Finance Minister P Chidambaram.
During a recent meeting with the chiefs of state-run banks, Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle.
Recently, Bank of Maharashtra reduced ‘base rate’ by 25 basis points from 10.25 percent to 10.00 percent on monthly compounding basis effective July 15, 2013. All loans linked to base rate would become cheaper by 0.25 per cent.
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