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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 31.6 328,474
ALMARAI 92.25 103,466
SABIC 98.75 2,420,218
ALKHODARI 29 420,956
STC 69 286,774
RIBL 18 249,478
EEC 37.8 2,434,865
Recent News

aafaq Islamic Finance approves cash dividend of 30% during general ass
aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has approved a cash dividend of 30% during its recent regular general assembly. The company

Saudi PetroRabigh starts maintenance work on VDU unit
Saudi Arabia's PetroRabigh said on Sunday that it had started unscheduled maintenance work on its vacuum distillation unit (VDU) that was expected to last until May 10.

The firm, a joint ve

Saudi market’s growth prospects spur investors
The Saudi stock market continued its positive drive for the third consecutive week, witnessing the long-term upward trend last week.

Growth prospects as a result of Capital Market Authority'

Opening Tadawul to foreigners will further develop stock market
Chairman of the Saudi Capital Market Authority Mohammed Aljadaan explained that there are several objectives that the Kingdom of Saudi Arabia aims to achieve by allowing qualified foreign financial i

Bank AlJazira to open 60 world-class ‘Fawri’ money transfer centers
Fawri, a popular remittance wing of the leading bank of Saudi Arabia, Bank AlJazira (BAJ), has announced plans to open 60 model money transfer centers within next three years in an effort to maximize

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?