Kolkata-based UCO Bank will reduce interest rate on lending and deposits by January 2009.
Speaking at an interactive session organised by the Merchants' Chamber of Commerce (MCC) in Kolkata on Tuesday, S K Goel, chairman and managing director of the bank informed, the bank might cut interest on lending by 100 basis points in January.
The cut in interest rate on deposits would be linked to inflation, Goel added. A final decision will be taken at the bank's board meeting on 26th December.
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