Business Daily from THE HINDU group of publications
Saturday, Jun 27, 2009
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Business Daily from THE HINDU group of publications Saturday, Jun 27, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Public Sector Banks Money & Banking - Interest Rates
OBC is restructuring loans worth Rs 500-600 cr till June-end Most of the loans restructured are standard accounts Priyanka Vyas New Delhi, June 26 Oriental Bank of Commerce (OBC) intends to soon bring down its prime lending rates by 25-50 basis points. This will lower its prime lending rates from the current 12 per cent up to 11.50 per cent. “We will take a call to lower our PLR next week. It could be between 25 and 50 basis points,” Mr S.C. Sinha, Executive Director, OBC told Business Line. This week other banks also indicated a reduction in their benchmark rates — to which all other loan rates of a bank are linked. Union Bank of India has announced a 25 basis point reduction in its PLR to 11.75 per cent. SBI also lowered its rates to 11.75 per cent. OBC also restructured loans worth Rs 500-600 crore since March. Till March 31, 2009, the bank had restructured loans around Rs 2,500 crore. The earlier deadline for restructuring loans was March, which was later extended to June 30. “Most of the loans which we are restructuring are standard accounts. Some of them have been earlier applications, which we received in March. But since it takes time to review applications these will be included now. Many of them are fresh applications after March,” he said. Of the total loans the bank restructured last fiscal, only Rs 70 crore was under non-performing assets. The bank, which registered a business of Rs 1,70,000 crore, expects to cross the Rs 2-lakh-crore mark this fiscal. It is aiming to increase its advances by Rs 12,000-14,000 crore from Rs 70,000 crore last fiscal. On the deposit side, it has indicated an increase of Rs 18,000-20,000 crore from Rs 1 lakh crore last year. OBC raises Rs 500 cr thru Tier-II bonds OBC aims at Rs 2 lakh cr business OBC targets Rs 9,020-cr biz in eastern region More Stories on : Public Sector Banks | Interest Rates | Oriental Bank of Commerce
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