More state-owned banks reduce lending rates (Lead)
December 29th, 2008 - 8:50 pm ICT by IANSNew Delhi, Dec 29 (IANS) Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday.Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.
PNB reduced its BPLR by 50 basis points from 12.5 percent annually to 12 percent, while Bank of Baroda slashed it by 75 basis points from existing 13.25 percent to 12.5 percent.
The latest round of lending rate cuts was triggered by the country’s largest commercial bank, the State Bank of India, which slashed its BPLR by 75 basis points Dec 20 to 12.25 percent.
This was followed by Canara Bank and Bank of India which reduced their rates by similar margin Dec 22.
According to industry sources, ICICI Bank, India’s largest private sector bank, is also mulling rate cuts.
PNB Monday said it would reduce interest rates on various retail lending schemes like floating rate housing loans and car and education loans by 50 basis points. The interest rates on fixed rate housing loans have been reduced up to 175 basis points.
It also reduced its peak deposit rate from 9.5 percent annually to 8.5 percent for deposits of one year to less than three years. Accordingly, interest rates in the time periods having maturities of 46 days and above have also been reduced by 25 basis points to 125 basis points from Jan 1.
- Union Bank raises interest rates - Dec 18, 2010
- Punjab National Bank, Bank of Baroda reduce lending rates - Dec 29, 2008
- Indian Bank, IOB hike lending rate to 8.5 percent - Oct 01, 2010
- PNB reduces lending rate by 50 basis points - Apr 30, 2009
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- Punjab National Bank cuts lending rate - Apr 30, 2009
- New interest rate regime come into force Thursday - Jun 30, 2010
- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- Interest rates to go down but not immediately, say top banks - Apr 17, 2012
- India's central bank cuts rates to push growth (Lead) - Apr 17, 2012
- SBI reduces educational loan rates by up to 1 percent - Feb 27, 2012
- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- Two more banks cut lending rates - Jan 02, 2009
- SBI raises lending, deposit rates; loans to get costlier - Aug 16, 2010
- India Inc welcomes rate cut - Apr 17, 2012
Tags: bank of baroda, bank of india, canara bank, dena bank, housing loans, prime lending rates, private sector bank, punjab national bank, punjab national bank pnb, state bank of india