From tomorrow all the banks will move to base rate system as instructed by the Reserve Bank of India.
Punjab National Bank (PNB), Bank of Baroda (BoB), Union Bank, Central Bank of India and Bank of Rajasthan have announced their base rates. These banks have set their base rate for lending at a uniform 8%.
PNB while filing with the Bombay Stock Exchange said that the card rate under any lending scheme of the bank will be the sum of base rate and the increase.
PNB added it calculated the base rate by taking the average cost of deposits of the last quarter as the benchmark.
The State Bank of India (SBI) has also announced a base rate of 7.5%.
Chanda Kochhar, managing director and CEO of ICICI Bank pointed out that base rate will not affect cost of funds for companies or the growth of credit.
As per RBI instructions all new loans sanctioned after 1 July and those due for renewal from 1 July, (except exempt categories as per RBI Guidelines) will be priced on base rate instead of Benchmark Prime Lending Rates (BPLR).
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4 comments:
Sir,
I am from Pune.(Raviwar Peth)
I am interested in TINY
Can you provide detail at my email ?
Sir,
I am from Pune.(Raviwar Peth)
I am interested in TINY
Can you provide detail at my email ?
I have a cheque amount Rs 26500. can I deposit the cheque amount into my sbi tiny account ?
Please give suggestion.
I am Jailani SR, working with banking sector since2006. I am interested in SBI Tiny branch Franchise at (Salem,Dharmaburi,Namakkal,Krishnagiri,Hosure). Please send me the details so that I can proceed further.
Thanking you and look forward to receiving your early reply soon.
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