Shillong, January 05: The Meghalaya Co-operative Apex Bank Limited (MCAB) the only cooperative bank in the state of Meghalaya will announce the reduction on the lending rate by next coming week. The decision has to be taken in the internal committee of the Bank.
The Managing Director of the MCAB Mr Osmand E.J Nongbri told SP News Agency that they will announce the reduction in lending rate and also the interest on deposit, the bank is yet to hold it internal committee to decide the rate of interest both in lending and depositing.
The Managing Director said that by next week the bank will announce what will be the interest on lending and the interest rate while depositing with the bank, the final decision to fix the interest rate will be decide at the Internal Committee of the Bank.
This reduction on the lending rate is based on the Prime Minister Mr Narendra Modi address to the nation on the new year eve asking all banking sector to look into the welfare of the poor citizen of the country, flowing the prime minister speech the only Cooperative bank in the state of Meghalaya the MCAB also has to take the decision implement the prime minister wished.(SP News)
