12 PSU banks to bring down PLR
Home, auto and other loans from 12 state-owned banks would be cheaper from April 1.
By Agencies |
New Delhi: Home, auto and other loans from 12 stateowned banks ��� including Canara Bank and Allahabad Bank ��� would be cheaper from April 1 as these lenders will cut their prime lending rates (PLR) in the range of 25-50 basis points.
Private lender Citibank has also decided to cut its mortgage prime lending rate by 50 basis points to 13.75%. The move comes at a time when the government complained of inadequate response from these lenders to ease monetary policy by RBI.
Eight banks ��� Canara Bank, Central Bank, Vijaya Bank, Oriental Bank of Commerce, Union Bank, Bank of Baroda, UCO Bank and Punjab & Sind Bank ��� have decided to reduce prime lending rate by 50 basis points.
While another four ��� Allahabad Bank, United Bank, Dena Bank and Andhra Bank ��� will lower prime lending rates by 25 basis points.
All advances linked to PLR like auto loans, home loans, sme loans and other credit would draw less interest rates. However, even after the cuts, PLR would remain above the double-digit mark, whereas the industry demanded single-digit lending rates at a meeting with PM Manmohan Singh last week.
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