PNB to cut PLR from March 1

PNB to cut PLR from March 1
ENS ECONOMIC BUREAU

FEB 19: The Punjab National Bank (PNB) said on Monday it was cutting its main lending rate to 11.5 per cent from 12 per cent with effect from March 1. "We have reduced the rate because of the cut in the bank rate. We hope lending will pick up after this comes into force on March 1," PNB chairman S S Kohli said. Commercial banks had been expected to cut their lending rates after the Reserve Bank of India announced a 50 basis point cut in its key bank rate on Friday to 7.5 per cent. The State Bank of India (SBI), the country's largest commercial bank, said on Saturday it would cut its prime lending rate by 50 basis points to 11.5 per cent from February 19.