Shares of United Bank of India today rose by nearly 4 per cent after the company slashed its base rate or minimum lending rate by 0.25 per cent to 10 per cent.
Scrip of the state-owned bank went up by 3.69 per cent to end at Rs 43.55 on the BSE. During the day, it gained 7.14 per cent to Rs 45.
At the NSE, it settled 2.98 per cent higher at Rs 43.20.
In terms of volume, 2.45 lakh shares of the company changed hands at the BSE, while over 14 lakh shares were traded at the NSE during the day.
Taking a cue from RBI easing of policy rate, state-owned United Bank of India today slashed its base rate or the minimum lending rate by 0.25 per cent to 10 per cent.
"It has been decided by the asset liability management committee on January 15, that the base rate of the bank will be reduced from 10.25 per cent to 10 per cent effective February 1," United Bank of India said in a statement.
With the reduction in the base rate, all kinds of loans including housing and auto loan are expected to become cheaper.
