Dena Bank's ALCO to meet by week-end to review rates

Mumbai, Nov 03, 2008 (Asia Pulse Data Source via COMTEX) -- DNBAF | Quote | Chart | News | PowerRating -- State-run Dena Bank will review its lending and deposit rates at its asset liability committee meeting scheduled late this week, a top Bank official said.

"We would look at this (on the interest rate structure) by the end of this week. With the recent liquidity infusion in to the system, there is a downward trend on the rates," Dena Bank's Executive Director, Bhaskar Sen, told reporters here today.

A host of banks, including the second largest public sector lender, Punjab National Bank, Union Bank of India and IDBI Bank has already reduced their lending rates following the recent liquidity infusion into the system by the central bank.

Through a slew of measures, including a cut in its key-rates, the RBI infused above Rs 2.5 lakh crore into the banking system in the past one month to ease the prevailing liquidity shortage.

While PNB and Union Bank reduced their PLRs by 0.5 per cent, IDBI slashed its home, education loan rates taking a cue from the RBI's policy actions.

Dena Bank has a total deposit-base of Rs 35,777-crore while its total advances, as on September, stood at Rs 24,491-crore.

Total customer-base of the bank, as at end-September, stood at 81-lakh.

Source: tradingmarkets.com