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Lakshmi Vilas Bank
Source Name: Lakshmi Vilas Bank

Lakshmi Vilas Bank Revises Base Rate

The revised Interest rates on loans and advances will be 10.95%

Jun 30, 2015   12:06 IST 
Mumbai, Maharashtra, India

Lakshmi Vilas Bank, one of the fastest growing banks in India, has reduced its base rate by 15 basis points (bps). The Bank’s base rate now stands reduced to 10.95% p.a. from the earlier rate of 11.10% p.a. The revised rates will be effective from July, 01, 2015.

 

This move comes after the Reserve Bank of India (RBI) cut the key policy rate or the repo rate by 25 basis points earlier this month. Base rate is the benchmark rate to which all lending rates are linked. The said reduction is applicable to the existing as well as future loans.

 

Mr. Rakesh Sharma, MD & CEO, Laksmi Vilas Bank said, “As the economy is gaining momentum, the present reduction in Base Rate would further energies the investment sentiments and support long term growth. This will enable retail, MSME and export customers among others to avail funds at reduced rates and to stay competitive in their respective sectors.

 

About Lakshmi Vilas Bank:

Lakshmi Vilas Bank was founded in 1926 and it has a national presence serving over 2 million customers through its 400 branches, 7 Extension Counters and 820 ATMs, totaling close to 1225 outlets in 16 states and Union territory of Pondicherry.

 

The bank is active across the entire spectrum of customer segments - retail, MSME and corporate. Through its branches, the bank also offers a host of para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money remittance companies, etc. on a technologically advanced platform.  


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