Raft Of Banks Snip Deposit Rates

Union Bank of India and Bank of India are among a string of banks which cut their deposit rates today. Industrial Development Bank of India too is ready for a rate cut.

Its chairman P P Vora said IDBI will cut the rates on its Suvidha deposits and forthcoming bonds by 25-50 basis points.

A majority of banks are expected to cut their prime lending rates over the next few days. Union Bank has cut its deposit rates across various maturities by 25 to 50 basis points.

Said Union Bank of India chairman and managing director V Leeladhar: