Business News This Week
According to media reports, the Corporation Bank has cut its prime lending rate on Tuesday by 75 basis points to 12.50 per cent from 13.25 per cent. The change in the prime lending rate would be implemented with effect from January 1st 2009.
There is also reduction in the deposit rates by the bank with effect from the first day of the new year. Earlier, many Public sector banks have declared and recently the state bank of India has also declared a cut in the primary lending rate.
This will help the economy in tackling the liquidity crisis. The economy is reeling under the pressure global slowdown and the banking sector need to be tough to fact it. The financial sector is in strong position thus there is need to take precautionary measures.
There is also reduction in the deposit rates by the bank with effect from the first day of the new year. Earlier, many Public sector banks have declared and recently the state bank of India has also declared a cut in the primary lending rate.
This will help the economy in tackling the liquidity crisis. The economy is reeling under the pressure global slowdown and the banking sector need to be tough to fact it. The financial sector is in strong position thus there is need to take precautionary measures.
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