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SBI cuts PLR by 0.5 per cent

The State Bank of India on Thursday reduced its prime lending rate by half a percentage point to 13 per cent, following the Reserve Bank of India's one percentage point cut.

Accordingly, the bank's medium term PLR reduced by 0.5 per cent to 12.75 per cent with immediate effect.

On Wednesday, the Delhi-based Oriental Bank of Commerce took the lead, bringing down its PLR by one percentage point to 13 per cent.

Meanwhile, the Hongkong Bank followed the Oriental Bank's lead to introduce 15 to 29 day deposit slab at 7 per cent. The Indian institution had introduced the new deposit slab at an interest rate of 5 per cent in response to the RBI's new measures which allow banks to offer smaller slab of deposits with varied interest rates.

UNI