The Cosmos Co-operative Bank, the oldest and yet tech-savvy multi-state scheduled bank, has announced overall cut in rate of interest by quarter to half a percent on its certain important loan schemes. The new rate of interest will be applicable from 15th February, 2015.
Chairman Cosmos Bank, Krishnakumar Goyal informed that this pragmatic decision of cut in the rate of interest was taken in the recent Board Meeting. As per RBI’s expectations, Cosmos Bank has always taken the initiative to convey the changes in its rates of interest to public, reads a bank’s Press Release.
Goyal informed that recently RBI declared reduction in SLR by half a percent in its quarterly monitory policy. Due to this more funds are available with the banks. In view of this Cosmos Bank has taken decision to reduce overall cut of quarter to half percent on rate of interest on certain important loan schemes. Goyal informed that customers should take advantage of this revised rate of interest on certain loans.
Goyal also informed that the revision in rate of interest by reduction of quarter to half percent are for Cash-credit, BD, term loans, agriculture & allied agriculture loans, pharmaceutical loans etc. This revision in rate of interest will be applicable from 15 February 2015.
The detailed information about this change in the rate of interest is available at all the branches of Cosmos Bank. At present, the set-up of Cosmos Bank is more than Rs.26,365 crore with strong presence in 7 states through its 140 branches.
