Kakinada Cooperative Town Bank has reduced its lending rates from July 1. Chairman Chitturi Ravindra said the move was aimed at generating additional revenues on its funds.
Its loan portfolio stood at about Rs 200 crore while deposits were at Rs 340 crore. It is now offering housing loans at 12.50 per cent interest, charging 14.75 per cent on mortgage loans (earlier 15.75%), and 13.5 per cent on gold loans (14.25 per cent).
The bank would open its 15th branch at Gajuwaka in Visakhapatnam district in September, he said.
Meanwhile, Visakhap-atnam Cooperative Bank is also planning to reduce its interest rate on advances over the next 10-15 days.
"We have decided to reduce our interest rates on loans, which at present stand 15 per cent. We are likely to trim the rates by 0.5 to 1 per cent," PV Narasimha Murthy, chief executive officer, Visakhapatnam Cooperative Bank, said.
The bank operates 35 branches in 10 districts of both AP and Telangana. Its total lendings stood at Rs 1,620 crore.
Its loan portfolio stood at about Rs 200 crore while deposits were at Rs 340 crore. It is now offering housing loans at 12.50 per cent interest, charging 14.75 per cent on mortgage loans (earlier 15.75%), and 13.5 per cent on gold loans (14.25 per cent).
The bank would open its 15th branch at Gajuwaka in Visakhapatnam district in September, he said.
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Vizag co-op bank
Meanwhile, Visakhap-atnam Cooperative Bank is also planning to reduce its interest rate on advances over the next 10-15 days.
"We have decided to reduce our interest rates on loans, which at present stand 15 per cent. We are likely to trim the rates by 0.5 to 1 per cent," PV Narasimha Murthy, chief executive officer, Visakhapatnam Cooperative Bank, said.
The bank operates 35 branches in 10 districts of both AP and Telangana. Its total lendings stood at Rs 1,620 crore.