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United Bank of India to link all new floating rates to RBI’s repo rate

United Bank of India has decided to link all new floating rate Housing, Car, Personal, Education loans and loans to Micro & Small Enterprises (MSE) to External Benchmark based Lending Rate (EBLR). RBI’s repo rate has been selected as the external benchmark for this purpose.

United Bank of India is one of the 14 major banks, which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.

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