Indian Overseas Bank to slash lending rates

06 Aug 2012 Evaluate

Indian Overseas Bank (IOB) is planning to slash interest rates on housing, vehicle and other retail loans after the Reserve Bank of India (RBI) pared down SLR rate by one percentage point in its latest quarterly monetary policy review. The bank will get an additional liquidity of Rs 1,800 crore after the SLR cut.

The bank will also utilize the liquidity to step up its branch expansion programme. It is adding 400 branches this fiscal to take its total network to over 3,000. It will also be setting up 15 specialized agri-branches in Karnataka and Maharashtra, which will reach out to the farmers for their credit needs.

The entity also plans to raise $500 million through overseas bonds unless there was a fresh setback to the global economy. The bank’s optimism is based on the good rates that SBI and EXIM got recently for their overseas issue.

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