MV Nair, chairman and managing director, Union Bank in an interview to CNBC-TV18 said, it has decided to pass on the 10 basis point rate cut to its customers. "There was a marginal 10 basis point reduction on stock bill. We thought it was right time to pass on this benefit to the borrower," he said.
The Reserve Bank of India in the recent monetary policy kept key rates unchanged, which according to Nair is an indication of interest rate cycle peaking out. However, he sees interest rates coming down very gradually. The state owned lender expects its interest rate margins to be at 3.16% for FY12. Below is the edited transcript of NairDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
