The Central Bank of India has announced a half a percentage point (50 basis points) cut its medium-term prime lending rate (MTPLR) to 12 per cent.
This was done to realign its lending rates with peer public sector banks (PSBs). This will take effect on April 1.
Central Bank is the first bank to cut its PLR after the budget which has pared the administered rate for small savings by 50 basis points.
Also Read
In November last year when the Reserve Bank of India (RBI) cut the bank rate by 50 basis points to 6.50 per cent, the PSBs refrained from cutting their prime lending rates against the backdrop of tardy credit offtake.
Despite the cut, Central Bank
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app