Base rate cut by 25 basis points: Union Bank of India
Union Bank of India has cut its base rate by 25 basis points following the recent cut in repo rate and cash reserve ratio by the Reserve Bank of India. D. Sarkar, CMD of the bank, explains that while the cost of funds has not reduced much, the bank decided to go ahead with a base rate cut. He, however, explains that the bank will try and maintain margins near 3 per cent.
