Indian Overseas Bank likely to cut interest rates on select loans

According to sources from Indian Overseas Bank (IOB), the bank is planning to slash interest rates on select loans by at least 25 basis points.

Indian Overseas Bank chairman and managing director SA Bhat informed that the bank’s asset-liabilities committee will be meeting on Friday to identify on lending rates.

The bank will be cutting on select lending rates for loans meant for consumer goods, by 25 basis points, but will be waiting till March to reduce deposit rates.

However Canara Bank and Allahabad Bank had already announced a cut in their lending rates. Besides, HDFC and PNB Housing Finance too have reduced interest rate on housing loan.