Union Bank of India cuts base rate by 25 bps

Source : REUTERS
Last Updated: Mon, Jul 08, 2013 11:23 hrs
Union Bank of India

State-run Union Bank of India said on Monday it has cut base rate by 25 basis points to 10 percent, effective immediately.

Interest rates on home loan and car loan now stand at 10 percent and 10.45 percent respectively, it said.

Last week, India's finance minister P. Chidambaram urged state-run banks to lend money at cheaper rates as he looks to stimulate consumer demand.

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