×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Allahabad Bank cuts PLR by 75 basis points

Allahabad Bank cuts PLR by 75 basis points
PTI
Comment E-mail Print Share
First Published: Thu, Nov 06 2008. 04 28 PM IST
Updated: Thu, Nov 06 2008. 04 28 PM IST
Kolkata: Allahabad Bank announced reducing prime lending rates (PLR) by 75 basis points with effect from 10 November.
After the reduction, the PLR of the bank will be at 13.25% compared to 14% at present, the bank said in a statement.
The bank will also reduce interest on term deposit by 50 basis points from 1 December.
The reduction in PLR was announced in response to recent cut in CRR, the amount of deposits banks need to park with the central bank, and short-term lending rate by the Reserve Bank of India, the bank said.
Comment E-mail Print Share
First Published: Thu, Nov 06 2008. 04 28 PM IST
More Topics: Allahabad Bank | PLR | Interest | CRR | Money Matters |