Federal Bank cuts base rate by 10 bps


07/03/2012 03:58 AST  Business Standard

Federal Bank has become the country’s first private sector lender to cut its base rate, or the minimum lending rate, after the Reserve Bank of India (RBI) changed its stance on monetary tightening last year. The Kerala-based bank cut its base rate by 10 basis points to 10.65 per cent. The new rate is effective from yesterday.

Earlier, two state-run lenders, Union Bank of India and Bank of Maharashtra, had reduced their base rates by 10 basis points each. For Union Bank of India, the rate has now been revised to 10.65 per cent. For Bank of Maharashtra, the minimum lending rate has been changed to 10.6 per cent.

Federal Bank on Tuesday said it planned to open 100 branches this Saturday. This would expand its network to 938. The move is aimed at improving the mobilisation of low-cost current account and savings account deposits.

Managing director and chief executive officer Shyam Srinivasan said, “This expansion of branches will propel the business growth of the bank in the coming years.” Last year, the bank hired 2,000 employees. It plans to add another 1,000 staff by March 2013. Currently, the bank has 9,000 employees.

For more on this Click Here

Global News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV
Most Viewed Companies
Ticker Price Volume
EMAAR 10.95 30,778,703
TAWUNIYA 58.97 1,139,509
ALKHODARI 42.98 19,305,821
RIBL 18.36 982,249
SABIC 97.94 4,838,743
STC 66.83 569,324
EEC 52.57 6,417,691
Recent News

Saudi Arabia and Greece discuss the possibilities
Contract farming and increased trade ties between Greece and Saudi Arabia were the focus of discussions with Saudi government ministers during a recent visit by Greece’s vice minister for development

New list of Shariah-complaint bourses bared
The Securities Commission of Malaysia released on Thursday an updated list of Shariah-compliant securities approved by its Shariah Advisory Council (SAC).

The updated list features a tota

WFES to welcome 32k delegates and 650 participating firms to Abu Dhabi
Unlocking the growing clean energy investment opportunities of the Middle East and Africa -two of the world’s most promising renewable energy markets -will be a key focus during the World Future Ener

ADB loan of $100m for Kerala’s skill acquisition programme
India has signed a $100 million loan agreement with the Asian Development Bank (ADB) to support Kerala’s initiative to increase the employability of higher secondary and undergraduate students, the F

Profit booking drives share index below 13,400
Strong profit booking led Qatar Stock Exchange shed 515 points in index and about QR23bn in capitalisation during the week that witnessed world prices tumble to hit four-year low.

Domestic i

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?