Diabytes
Bank rates News
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Lending rate cuts are key to economic growth recovery and banks should lower rates by 25 bps before the start of the busy season in October to accelerate reforms momentum, says a report.
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State-run IDBI Bank on Friday said it has reduced its marginal cost of funds based lending rate (MCLR) for various tenors, effective from January 1.
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Additional liquidity that is coming into the banking system following demonetisation will not go away in a "hurry" and may pull down interest rates further, the country's largest lender SBI said.
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Sundaram BNP Paribas Home Finance on Monday announced a 20-basis point cut in its interest rates to 9.95 percent from the earlier 10.15 percent.
As it suspects a possible unfair practice by banks with almost similar interest rates, the Competition Commission plans to examine whether lenders are operating as a cartel in fixing the rates.
The Reserve Bank of Australia said it was prudent to maintain a "period of stability in interest rates" to support demand and growth in the economy as it shifts away from a dependence on mining.
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