SBI cuts interest rates by 75 points
Posted by AdminNov 6
The State Bank Of India (SBI) the country’s largest bank has deciding to cut its prime lending rate (PLR) by 75 basis points, effective from Monday.Loans from State Bank of India, will be cheaper with the bank. Accordingly, SBI’s PLR will reduced to 13 per cent from the present 13.75 per cent.
More banks are also expected to follow this after SBi move.
The Union Bank of India, the United Bank, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India and Syndicate Bank, among others, have also cut their prime lending rates by 0.75 percent.
On Tuesday, Finance Minister P Chidambaram met heads of PSU banks following which bankers had promised to cut their lending rates by up to 75 basis points.
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