PNB cuts PLR by 50 bps

Punjab National Bank, India’s third largest lender, today cut its benchmark prime lending rate (BPLR) by 50 basis points (bps) to 13.5 per cent. The move will benefit corporate houses, small and medium enterprises and personal borrowers, whose accounts are linked with BPLR.

“The revised BPLR shall be applicable from November 1 for all existing and new accounts linked with the benchmark rate,” PNB chairman K C Chakrabarty told reporters. The bank would also cut deposit rates by 50 bps to 10 per cent from December 1, he added.