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Punjab National Bank to consider rate cut 31 October

Punjab National Bank to consider rate cut 31 October
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First Published: Wed, Oct 29 2008. 04 26 PM IST
Updated: Wed, Oct 29 2008. 04 26 PM IST
New Delhi: Punjab National Bank Ltd (PNB) will consider a lending rate cut on 31 October, its chairman said on Wednesday.
The Reserve Bank of India (RBI) on 20 October cut the repo, its key lending rate, by 1% to 8%, reversing a four year tightening cycle, to shield the slowing economy from the global financial crisis.
Analysts expect more rate cuts to come.
“The PNB board is meeting on 31 October and it will consider whether interest rates can be further cut,” K.C. Chakrabarty said.
PNB had hiked its benchmark prime lending rate by 1% to 14% in July, a day after the Reserve Bank of India (RBI) had raised the repo by a similar amount.
“We are expecting a further cut in the repo rate by the RBI.” Chakrabarty said adding: “If inflation is down, the RBI can cut the repo.”
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First Published: Wed, Oct 29 2008. 04 26 PM IST