Union Bank of India and United Bank of India (UBI), on Monday cut lending rates by 25-50 basis points (bps) ahead of Finance Minister P Chidambaram`s meeting with PSU bank chiefs on Tuesday, reports Business Standard.

ICICI Bank, has also said that it will review its interest rates in the next few days after seeing the impact of the Reserve Bank of India`s (RBI`s) recent steps on liquidity.

ICICI Bank said that they will review interest rates after watching the impact of RBI decision on liquidity.

RBI had on Saturday cut the repo rate by 50 basis points (bps) to 7.5% and the cash reserve ratio (CRR) by 100 bps to 5.5% to infuse liquidity into the system.

Shares of Union Bank of India closed up Rs 11.1, or 8.87%, at Rs 136. The total volume of shares traded at the BSE was 364,493 (Monday).