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Little scope to cut PLR: PNB

Punjab National Bank on Monday said there is little scope for reduction in prime lending rate in the present circumstances.

Written by Agencies | New Delhi |
April 13, 2009 1:15:45 pm

Punjab National Bank on Monday said there is little scope for reduction in prime lending rate in the present circumstances.

The country’s second largest public sector lender’s Prime Lending Rate (PLR) currently stands at 11.5 per cent.

“Under the present circumstances and rigidity there is very little scope for reduction in PLR… If we are able to reduce interest cost on deposit and reserve requirements,there could be a case for reduction in the interest rates,” PNB Chairman and Managing Director K C Chakrabarty said in New Delhi.

On the merger of PNB Gilts with itself,he said,it is like to be merged with the bank during the current fiscal.

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