Mumbai, May 4: A number of nationalised and foreign banks have reduced their lending rates and realigned their deposit rates in the wake of the 1 per cent cut in the bank rate in the Reserve Bank of India's latest credit policy.Union Bank has revised its prime-lending rate (PLR) and medium-term lending rate to 13 per cent with effect from today. The bank has also decided to offer additional interest for high-value deposits, a press release said.
The Calcutta-based Uco Bank has revised its PLR to 14 per cent with effect from May 1.
Standard Chartered and ANZ Grindlays have also reduced their PLRs to 16.5 and 16 per cent, respectively, from 17 per cent. While Stanchart is implementing it immediately, ANZ will do so on May 12. Stanchart has also reduced its medium-term PLR to 17.5 per cent from 18 per cent.
Union Bank has pegged the rate at 5 per cent for 15-29 days, 6 per cent for 30-60 days, 6.5 per cent for 61-90 days, 7 per cent 91-179 days, 9 per cent for 180 days-one year, 10 per cent for one-twoyears, 10.5 per cent for two-three years and 11.5 per cent for three years and above.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
