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Central Bank reduces interest rates on retail loans

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Central Bank of India, one of the largest public sector lenders in the country, Tuesday, said that it has reduced interest rates on retail loans.

In an issued statement, the bank said that as a result of slow down in industrial growth, this step is expecd to spur the consumer demand.

The bank further said that for housing loans, the floating interest rate has been reduced by 25 basis points to 9.25 per cent.

For other retail loans, the interest rates have been reduced between 50 and 200 basis points. The revised interest rates will come into effect from April 1, 2008 and will be applicable to the new accounts only.

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