UCO Bank to cut PLR by 50 bps by next week

Public sector lender UCO Bank today said it would cut prime lending rate (PLR) by 50 basis points (bps) by next week.

"We have decided to cut PLR by half a per cent," UCO Bank Chairman and Managing Director S K Goel told reporters here.

ALCO (Assets and Liability Committee) of the bank would meet on November 10 to review the interest rate scenario, Goel said.

Meanwhile, country's largest public sector lender State Bank of India today 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.