Srinagar, October 06: The Jammu and Kashmir bank has announced reduced lending rate in view of sharing with its customer the benefit of repo rate-cut announced recently by Reserve Bank of India.
The decision to announce the revised base rate was taken right after a meeting at J&K Bank’s Corporate Headquarters. The meeting was chaired by Chairman and Chief Executive Officer of the J&K Bank Mushtaq Ahmed.
Base Rate is the minimum interest rate at which a bank can provide loan to its customers. With the revised rates, bank has now slashed its benchmark lending rate by 35 basis points. These slashed lending rates have made loans cheaper for the new and existing customers as well. The new rates will be applicable for its customer at all the branches of the bank across the country.
While talking about the revised base rate announced by the bank, CEO Mushtaq Ahmed said that the bank is providing world class financial solutions and banking services to its entire customer base across the country.
Since RBI has announced a cut of 0.50 percent in its benchmark short-term lending (repo) rate in its bi-monthly policy review held on 30th September, 2015, bank has now decided to reduce base rate which was previously 9.85 percent to 9.50 percent with immediate effect which is a cut of 0.35 percent.