Date:06/01/2005 URL: http://www.thehindubusinessline.com/2005/01/06/stories/2005010601570600.htm

Back Syndicate Bank to cut interest rate for tsunami victims

Our Bureau

Mangalore , Jan. 5

SYNDICATE Bank has announced a reduction in interest rate on priority sector loans taken by tsunami victims.

A press release by the regional office of the bank said here on Wednesday that interest rate on housing loan, which is availed of by individuals identified to have been affected by tsunami, will be lowered by 1 per cent.

The interest rate on all other priority sector advances, including loans to agriculture, fishery, acquisition of boats, small business, retail trade, and small and cottage industries, availed of by such persons will be reduced by 2 per cent.

New interest rates will be applicable for existing and fresh loans sanctioned by banks.