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SBI reduces PLR

SBI reduces PLR to 13 per cent

Apnaloan.com Research Bureau

07 Nov 2008

State Bank of India (SBI) has reduced its prime lending rate (PLR) by 75 basis points which will be effective from November 10, 2008.

SBI's PLR will be reduced to 13 per cent from the present 13.75 per cent. The bank is also examining the possibility of reducing its deposit rates and home loan rates by 50 basis points.

Several other public sector banks such as Punjab National Bank, Union Bank, UCO Bank and Syndicate Bank have already cut their PLR.