Federal Bank to decide rate cut

Private sector lender Federal Bank will decide on a cut in interest rates on retail loans next week. The move will be decided after meeting of their ALCO committee. The Kochi-based bank has announced that it will offer home loans at its base rate of 10.45% from October 3 to October 18 as part of the 67th anniversary celebrations. Earlier, the minimum rate of interest on home loans was 10.78%.

New CMD of Allahabad Bank

Shubhalakshmi Panse has taken charge as the Chairperson and Managing Director of Allahabad Bank effective October 1. She earlier served as the Executive Director of Vijaya Bank. Panse was responsible for the administration and business development of Vijaya Bank for a period of two years. Panse, who joined Bank of Maharashtra as probationary officer, has worked in almost all key segments of banking including recovery, credit, fund management, law, accounts, IT and business process re-engineering.