More banks cut lending rate

United Bank of India has said that it has decided to reduce its base lending rate from 9.90 per cent to 9.65 pre cent from October 12.

It said various term deposit rates have also been moderated downwards depending on periodicity and quantum of deposits. The deposit rate for 5-year and above period (up to Rs 1 crore) has been revised down to 6.75 per cent from the existing 7.25 per cent.

Corporation Bank has announced the reduction of base rate for lending by 20 basis points. The bank informed the NSE on Monday that it has reduced the base rate for lending from 9.9 per cent to 9.7 per cent with effect from October 8.

Standard Chartered on Monday announced that it has reduced its base rate by 25 basis points to 9.5 per cent.

The revised rate will come into effect from October 5.

This move comes few days after the Reserve Bank of India (RBI) cut its repo rate by 50 basis points on September 29.