United Bank Cuts Plr To 15.5 Per Cent

This is the second cut that the bank has effected in its PLR within the last two months, the last cut being in end-August when it cut the rate by 50 basis points from 16.5 per cent to 16 per cent.

Allahabad Bank on the other hand, though it proposed a cut in its PLR by 150 basis points from 16.5 per cent to 15 per cent at its management committee meeting, will take a final decision only at its board meeting, scheduled to be held in the next few days.

The other Calcutta-based bank, United Commercial Bank, has already cut its PLR by 100 basis points from 16.5 per cent to 15.5 per cent and keeping in line with RBI stipulations, has declared its maximum spread over PLR at 4 per cent.

UBI has declared its maximum spread over PLR at 4.5 per cent. However, the bank at its board meeting did not revise its deposit rates.

Sharda Singh, executive director, UBI, later said that though this was discussed at the board meeting, a final decision on this would be taken at a later date.