State Bank, 3 others cut loan rates
In a move that will make housing and auto loans cheaper, four public sector banks, led by State Bank of India, today announced slashing their prime lending rates by 0.25-0.50 percentage points.
For the second time in less than 10 days, the country's largest lender SBI slashed its prime rate by 0.25 percentage point to 12.25 per cent. The bank had announced on February 11 another cut of 0.25 percentage points effective February 16.
"The benchmark prime lending rate (PLR) is revised downward by 0.25 percentage point from 12.50 per cent to 12.25 per cent with effect from February 27," SBI told BSE.
The reduction in rate is likely to moderate lending rates for all categories of borrowers, including housing, corporate and car loans.
Moreover, Bank of India and Union Bank also announced cut their prime rates by 0.5 percentage points to 12.75 per cent today. Bangalore-based Canara Bank also cut its rate by 0.25 percentage points to 12.75 per cent.
Earlier last month, HDFC reduced its prime rate by 0.25 percentage points effective February 1, while PNB Housing Finance slashed rates by 0.5 percentage points.
Enter your email to get our daily newsletter in your inbox
- The finance department has written to the top brass of various departments, offices and administration to ensure strict compliance to the finance and treasury rules for maintaining fiscal discipline.
- In a letter to Puri king Gajapati Dibya Singha Deb, Union minister for petroleum and natural gas, Dharmendra Pradhan urged him to launch a mass fund collection drive to enable contribution by crores of devotees of Lord Jagannath for the development of the Jagannath Temple heritage corridor.
- Cryptocurrency is, however, not legally banned and the government is in the process of enacting a law on this matter.
- The PM asked the three services to rid themselves of legacy systems and practices that are no longer relevant.
- According to the police, some young men were dancing at the DJ night in a wedding ceremony, during which one of the accused pointed the pistol at the forehead of another youth.
- In January this year, Chief Justice of India (CJI) SA Bobde ruled out any reopening of courts for the present.