Union Bank of India has hiked base rate by 50 basis points

By | July 6, 2011

According to a recent press report Union Bank of India increased its base rate by 50 basis points to 10.75 per cent. Union Bank of India (UBI) is one of India’s largest state-owned banks that are listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank’s branches have been networked with its 1135 ATMs. It has representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China, and a branch in Hong Kong.

Reports said that the revision of the base rate was due to the current rate scenario as also the increase in the cost of funds. The bank had recently hiked its benchmark prime lending rate by 25 basis points to 14.50 per cent with effect from July 25.

Reports also said that most of the banks and non-banking finance companies have hiked lending rates following the 50 basis points increase in key short-term rates by the Reserve Bank of India in July. The hike in interest rates is likely to affect the new and existing loan borrowers. The bank offers home loan, personal loan, business loan, educational loan, reverse mortgage

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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