SBI reduces prime lending rate by 0.75 pc

Country's largest lender State Bank of India has lowered its Prime Lending Rate (PLR) by 0.75 per cent, its Chairman OP Bhatt told reporters today.

Country's largest lender State Bank of India (SBI) has lowered its Prime Lending Rate (PLR) by 0.75 per cent, its Chairman O P Bhatt told reporters in Mumbai on Thursday.

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Several PSU lenders, including Canara Bank, Bank of India and Bank of Baroda, Syndicate Bank, have already slashed their benchmark prime lending rates by 0.75 per cent after Finance Minister P Chidambaram met state-owned banks' heads to discuss the possibility of rate cuts.