ICICI too cuts lending rates

MUMBAI, April 15: Industrial Credit amp; Investment Corporation India ICICI on Wednesday reduced its prime lending rate PLR. It has revised its long-term prime rate LTPR to 14 per cent while both short term prime rate STPR and medium term prime rate MTPR have been pegged at 13.5 per cent.

This is for the first time ever since the introduction of STPR and MTPR, ICICI8217;s short-term lending rate is pegged at a higher level than that of the Industrial Development Bank of India IDBI and the Industrial Finance Corporation of India IFCI. It also equals the State Bank of India8217;s short term prime rate. Both IDBI and IFCI pared their short term rate to 13 last week while SBI8217;s short term rate is pegged at 13.5.