Corporation Bank reduces the interest
Posted on: 27/May/2015 9:54:48 AM - No. of views : (2066)
In a move which will lead to lower EMIs for its customers, Corporation Bank today cut base rate or minimum lending rate by 0.25 percentage point to 10 per cent. The RBI had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as "nonsense" the lenders` claims that cost of funds is high.
Banks such as SBI, ICICI Bank HDFC Bank and Axis Bank had cut lending rates by up to 0.25 per cent after Reserve Bank of India Governor Raghuram Rajan`s tough talk with bankers on April 7.
The RBI had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as "nonsense" the lenders` claims that cost of funds is high.
