New Delhi: Public sector lender UCO Bank has said that it would cut prime lending rate (PLR) by 50 basis points by next week.
“We have decided to cut PLR by 0.5%,” UCO Bank Chairman and Managing Director S K Goel told reporters.
“ALCO (Assets and Liability Committee) of the bank would meet on 10 November to review the interest rate scenario,” Goel said.
Meanwhile, country’s largest public sector lender State Bank of India (SBI) stated that said it would review interest rates during the week.
Heads of PSU banks are meeting Finance Minister P Chidambaram today to take stock of interest rate scenario.
Banks, including PNB, have already lowered their benchmark prime lending rate (BPLR) following a series of monetary measures taken by Reserve Bank.
Besides, the meeting with Finance Minister will also review half-yearly performance of banks and implementation of debt waiver scheme.