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UCO to slash PLR by 50 basis points

business Updated: Nov 04, 2008 15:36 IST
UCO Bank to slash PLR by 50 basis points

Public sector lender UCO Bank on Tuesday said it would cut prime lending rate by 50 basis points 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 in New Delhi.

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 on Tuesday said it would review interest rates during the week.

Heads of PSU banks are meeting Finance Minister P Chidambaram on Tuesday 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.