 "UCO Bank slashes lending rate by 40 basis points, MSME loans to get cheaper")
UCO Bank on Wednesday said it has reduced the repo based lending rate by 40 basis points to 6.90 per cent, reflecting the cut announced by the Reserve Bank of India (RBI).
As a result, the retail and MSME loans would get cheaper by 40 basis points, the bank said.
The city-based bank did not mention any changes to the deposit rates.
The government expects banks to reduce lending rates, which is required to kick start the economy hit hard by the coronavirus-forced lockdown, among other factors.
Since March 1, banks have sanctioned loans worth Rs 6 trillion.
UCO Bank has sanctioned loans worth Rs 15,000 crore, of which Rs 12,000 crore has been disbursed. Over 1.36 lakh customers have been benefited, a senior official of the bank said recently.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app