Federal Bank cuts base rate by 10 bps


07/03/2012 03:58 AST

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

Business Standard
Global News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 85.37 5,083,799
ALMARAI 56 122,379
RIBL 11.08 1,912,394
GFH 0.24 25,000
TAWUNIYA 83.62 95,462
SIPCHEM 14.29 307,331
STC 62.59 400,596
Recent News

China factory activity grows at slower pace
Activity in China’s manufacturing sector expanded for the second month in a row in April but only marginally, an official survey showed yesterday, raising doubts about the sustainability of a recent

Al Baraka supports Bahrain initiatives
The Bahrain-based leading Islamic banking group, Al Baraka Banking Group, reaffirmed its support for the efforts made by Bahrain to develop relations with its sister Arab countries.

On th

Oil price bottoming depends on global growth: IEA chief
International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern.

Oil price

Oman's banks, telecom service providers perform well in first quarter
Omani banksand telecommunication service providers have performed well among listed firms on the Muscat bourse during the first quarter of 2016.

Reported growth in total net earnings by Om

‘Global growth to influence wealth fund withdrawals’
Global economic growth will determine whether sovereign wealth funds withdraw further funds from global markets, according to ADS Holding chairman Mahmood al-Mahmood. Funds are “there to act as a to

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?