UBI cuts base rates by 20 bps
United Bank of India on Tuesday cut base rate by 20 basis points to 10.25% from 10.45%. The change will be effective from February 25. The rate cut comes after other public sector lenders, including State Bank of India, Bank of Baroda, Bank of India and Central Bank of India, had initiated base rate cuts. The move is to pass on the benefit of the wider policy rate cut by RBI to the customers. The base rate is the rate of interest below which banks cannot lend to its customers. A cut in the base rate implies that all borrowers, both existing and new, will benefit from lower rates.
Espirito Santo enters investment banking
Espirito Santo Securities India, a part of the Espirito Santo Investment Bank (ESIB), said on Tuesday it has forayed into the investment banking space and has appointed George Mathew as Head of Investment Banking in India. Based in Mumbai, Mathew will report to Nick Paulson-Ellis, CEO — India, the company said in a release. Mathew’s role will include building the team and growing the institution’s presence in the investment banking space.
With reference to the news item titled ‘Recasts hit banks in Q3 as firms face financial stress’, published in the Financial Express edition of February 19, Lanco Infratech has clarified that it is not looking to restructure loans with the corporate debt restructuring (CDR) cell. The error is regretted.