United Bank cuts BPLR by 50 basis points

Kolkata, Nov 5 (IANS) Kolkata-based United Bank of India Wednesday slashed its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 13.5 percent, a top official said.

'We are also planning to cut our deposit rates for one-, two- and three-year terms by 50 basis points by this month end,' T.M. Bhasin, executive director of the bank, said on the sidelines of a conference on 'Banking 2008: Banking-Industry Partnership - Managing Change' organised by the Confederation of Indian Industry (CII).

The bank also decided to cut its car loan rate by 25 basis points. It currently lends money for vehicle purchases at rates varying between 10-11 percent.

'There has been a built-up in the inventory of the automobile makers from a normal two-week's stock to two months' stock now. The move to cut our auto loans (rates) comes from a request from the manufacturers to help them tide over the crisis and boost sales,' Bhasin said.