Oriental Bank of Commerce (OBC) has reduced interest rates by 100-250 basis points on certain agricultural advances. It has also introduced a new scheme for the mid-corporate segment including micro, small and medium enterprises (MSMEs), which will give them lower interest rates.
As per the revision, for borrowers with credit limit of Rs 1 crore and upto Rs 50 crore, interest rate will vary from base rate plus 2% to base rate plus 3%. The bank has a MSME loan book of about Rs 20,000 crore. The existing normal rates charged for MSME borrower’s ranges between base rate plus 2.75% to base rate plus 4%.
Oriental Bank of Commerce is a Government of India undertaking whose business activities includes monetary intermediation of commercial banks, saving banks and discount houses.
