SBI to decide on rate cut by 50 bps
Country's largest public sector lender State Bank of India said it will consider cutting down the benchmark lending rate by up to 50 basis points on Wednesday.business Updated: Nov 04, 2008 15:20 IST
Country's largest public sector lender State Bank of India on Tuesday said it will consider cutting down the benchmark lending rate by up to 50 basis points on Wednesday.
"Our ALCO (Asset and Liability Committee) should be meeting on Wednesday and a decision to cut prime lending rate (PLR) would be taken," SBI Chairman O P Bhatt said here after the meeting of PSU bankers with the Finance Minister P Chidambaram.
The proposed rate cuts, he added, would be effective from next week.
Bhatt had earlier said, the interest rates have peaked and are expected to moderate in coming days.
Few banks, including leading PSU lender Punjab National Bank, and Union Bank have already lowered their benchmark prime lending rate (BPLR) following a series of monetary measures taken by the Reserve Bank.