Punjab National Bank cuts lending ratesJanuary 30th, 2009 - 5:28 pm ICT by IANS
Mumbai, Jan 30 (IANS) State-owned Punjab National Bank (PNB) Friday said it will reduce lending rates by 50 basis points (bps) to 11.5 percent from 12 percent from Feb 1.“This measure has been taken to ensure availability of credit to the existing and new borrowers at a lower rate,” the bank said in a regulatory statement.
Incidentally, the central Reserve Bank of India had indicated early this week that there was further scope of cutting lending rates. PNB had last revised the benchmark prime lending rate (BPLR) Jan 1 by 50 bps to 12 percent.
The apex bank has also decided to revise the retail deposit rates downwards by 25 to 100 bps across all the maturity buckets. With this reduction, the peak retail deposit rate would be reduced from 8.5 percent to 8 percent.
“The benefit of reduction of BPLR has been passed on to all existing and new accounts linked with BPLR under small and micro enterprises and agriculture,” the bank said.
“For other loans linked with BPLR, the full benefit has been passed on to all new and existing accounts wherever the interest rate are charged at BPLR and above.”
- PNB reduces lending rate by 50 basis points - Apr 30, 2009
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- SBI, PNB hike interest rate on NRE term deposits (Lead) - Dec 27, 2011
- Indian Overseas Bank hikes base rate - Jul 30, 2011
- Union Bank raises interest rates - Dec 18, 2010
- Punjab National Bank, Bank of Baroda reduce lending rates - Dec 29, 2008
- Union Bank raises base rate by 50 bps to 8.5 percent - Oct 15, 2010
- Banks expected to pass on cost savings to borrowers - Apr 17, 2012
- More state-owned banks reduce lending rates (Lead) - Dec 29, 2008
- SBI lowers deposit rates by 0.25 percent - Jun 07, 2012
- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- SBI, Allahabad Bank cut interest rates - Apr 23, 2012
- Union Bank of India hikes base rate by 50 basis points - Aug 06, 2011
- PNB, Allahabad Bank hike lending, deposit rates - Jul 29, 2011
Tags: agriculture, apex, apex bank, bank of india, basis points, benefit, borrowers, buckets, central reserve bank, interest rate, loans, maturity, micro enterprises, new accounts, pnb, prime lending rate, punjab national bank, reserve bank of india, scope