IFCI cuts lending rate by 0.1% to 9.3%

State-owned term lender IFCI today cut benchmark lending rate by 0.1 per cent to 9.3 per cent making its lending cheaper.
"The benchmark rate up to one year reduced from 9.40 per cent to 9.30 per cent with monthly rests," IFCI said in a statement.
The new rate will be effective from August 11, it said.
IFCI had last week posted a loss of Rs 110.2 crore for the first quarter ended June 30, on account of three-fold jump in provisioning for bad loans.
During the period provisioning of the company saw a three-fold jump to Rs 387.09 crore as against Rs 129.88 crore in the same period a year ago.

Total income of the company declined to Rs 832.4 crore from Rs 914 crore a year ago.
However, the country's oldest financial institution had an operational profit of Rs 173.89 crore compared with Rs 250.49 crore in the same period a year ago.