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Corporation Bank rises on launching repo rate linked lending rate

Corporation Bank is currently trading at Rs. 15.25, up by 0.15 points or 0.99% from its previous closing of Rs. 15.10 on the BSE.

The scrip opened at Rs. 15.15 and has touched a high and low of Rs. 15.30 and Rs. 15.10 respectively. So far 4754 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 32.15 on 27-Feb-2019 and a 52 week low of Rs. 14.90 on 30-Sep-2019.

Last one week high and low of the scrip stood at Rs. 16.55 and Rs. 14.90 respectively. The current market cap of the company is Rs. 9051.22 crore.

The promoters holding in the company stood at 93.49%, while Institutions and Non-Institutions held 4.52% and 1.98% respectively.

Corporation Bank has launched repo rate linked lending rate for faster transmission of interest rate cut to borrowers. The bank will link all new floating rate loans to retail, personal segment and Micro & Small Enterprises (MSE) to Reserve Bank of India’s policy repo rate. Earlier this month, the Reserve Bank of India (RBI) made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks effective October 01, 2019 for faster transmission of rate cut to borrowers. With bank launching this product, rates for home, car and personal loans will come down.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.

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