KVB cuts base and benchmark lending rates
Shares of KVB were trading at Rs 50.57 apiece on BSE, up 4% from the previous close
Retail loans grew 11.7% in October, up from 8.7% in the year-ago period. Demand for home loans, vehicle loans and loans against gold jewellery seemed to have driven the demand.
Karur Vysya Bank (KVB) said that it will cut its base rate and benchmark prime lending rate to 7.75% and 12.75% respectively, with effect from December 15, 2021.
RBI maintains repo rate at 4%
The lender will cut its base rate by 0.25% to 7.75%. It will also revise downwards the benchmark prime lending rate (BPLR) by a similar margin to 12.75%.
The private sector lending rate in a regulatory filing advised that the base rate and BPLR of the bank would be revised with effect from December 15, 2021.
Meanwhile, the Reserve Bank maintained its key repo rate unchanged at 4% for the ninth straight time, to facilitate growth, keeping in mind the concerns over the new variant of Covid-19.
Shares of KVB were trading at Rs 50.57 a piece on BSE, up 4% from the previous close.
Published: December 9, 2021, 17:16 IST