Bank of India in Kenya has given a notice to its clients that there will be disruption of services, mainly ATM services attributed to change of operating Software. The bank disclosed this in a public notice today.

The notice read in part; "Our ATM services will remain offline from 6.00pm on 17th August, 2012 to 6.00pm on the 19th of August 2012." The statement also asked BOI customers not to use Cheque Truncation System (CTS)  cheque books after migration to the new Core Banking System (CBS).

Bank of India reduced its lending rate to 21.5% in July. This followed the reduction of Central Bank of Kenya (CBK) benchmark lending rate to 16.5%  from 18%. High interest rates, which have persisted for more than six months, have had a negative impact on various sectors of Kenya's economy, with high mortgage rates preventing people from taking home loans. Mortgage rates currently stand at an average of rate 20% on the market.