Syndicate Bank cuts rates

Syndicate Bank on Monday cut its lending rates ranging between 0.25 and 1.50 per cent. The Karnataka-based lender also cut rates on loans to women entrepreneurs and small and medium enterprises to boost credit flow to productive sectors in alignment with Reserve Bank8217;s intentions. A clutch of banks have already reduced their rates on home and consumer loans in the last few days, including State Bank of India, Canara Bank and Axis Bank. Smaller banks such as Bank of Maharashra and Kolkata-based United Bank of India have also reduced their rates in the last few days. Bank of Baroda and Union Bank of India have also indicated they would be reviewing their rate structure soon. It is likely that they too would be cutting their rates in select segments.