Mumbai: Following some of its peers' move to cut interest rate on select product lines, Union Bank of India today said it has decided on a blanket cut in its retail lending rates across all categories.

"We will cut our lending rate across all our retail products very soon," the bank Chairman and Managing Director M V Nair told reporters here on the sidelines of a conference.

The State Bank of India, is learnt to have cut rates in its educational category over the weekend and hinted at more such measures to push up sagging demand.

Other public sector lenders like Bank of Maharashtra and Central Bank of India also slashed home loan rates last week, as all the lenders approach the year-end fiscal and make swift moves towards achieving targeted credit growth.

UBI also inaugurated its 3,000th ATM and launched facilities like cash transfers to other account holders using the NEFT system, transfer to any mobile via the interbank mobile platform and a facility to remit money to anyone by keying-in just the mobile phone number on the ATM.

These services were launched by Reserve Bank Deputy Governor Anand Sinha.

The bank also allows investments and redemptions in its asset management arm to be made through the ATM.

The city-headquartered UBI also unveiled a Student Combo Cards which serve as identity cards, debit cards and access cards at their library.

Nair said the bank has also entered into a deal with TCS to establish ATMs next to the Passport Sewa Kendras (PSKs) being established across the country as part of a foreign ministry project.