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IFCI
cuts lending, deposit rates
Our Banking Bureau
3 November 2001
 Mumbai:
Following the
reduction in the bank rate by the RBI, the Industrial Finance
Corporation of India (IFCI) has cut its lending and deposit rates.
IFCI has reduced its
prime-lending rate by 50 basis points from 13 to 12.5 per cent in
the interest band of 12.5 to 16 per cent on rupee loans, including
assistance under the equipment finance scheme.
IFCI’s new rates on its
fixed deposit schemes are: 8.5 per cent for deposits having tenure
of 12 to 23 months; 8.75 per cent for deposits of 24 to 35 months;
9.25 per cent for deposits of 36-59 months; 9.5 per cent for
deposits of 60  months.
IFCI expects that the new
rates will bring down the cost of funds. This would play a
significant part in restoring the institution, which is ailing and
is pursuing a rehabilitation plan, to health.
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