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Little scope to cut PLR: PNB

Little scope to cut PLR: PNB
PTI
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First Published: Mon, Apr 13 2009. 02 12 PM IST
Updated: Mon, Apr 13 2009. 02 12 PM IST
New Delhi: Punjab National Bank today said there is little scope for reduction in prime lending rate in the present circumstances.
The country’s second largest public sector lender’s Prime Lending Rate (PLR) currently stands at 11.5%.
“Under the present circumstances and rigidity there is very little scope for reduction in PLR... If we are able to reduce interest cost on deposit and reserve requirements, there could be a case for reduction in the interest rates,” PNB Chairman and Managing Director K C Chakrabarty told reporters here.
On the merger of PNB Gilts with itself, he said, it is like to be merged with the bank during the current fiscal.
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First Published: Mon, Apr 13 2009. 02 12 PM IST