Now, PNB does it, cuts lending rate by 0.25%

By Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Joining its peers, Punjab National Bank (PNB) today cut its base rate by 0.25 per cent to 10 per cent, which will lead to lower EMIs for its customers.

    Now, PNB does it, cuts lending rate by 0.25%
    The bank has revised downwards the base rate or minimum lending rate to 10 per cent from 10.25 per cent, effective May 7, PNB said in a statement. All loans linked to its base rate will now come down by at least 0.25 per cent. Yesterday, Bank of Baroda, too, had cut base rate by 0.25 per cent to 10 per cent.
     

    The country's largest lender, SBI, had reduced its base rate by 0.15 per cent to 9.85 per cent, effective April 10. Banks such as SBI, ICICI Bank, HDFC Bank and Axis Bank had cut lending rates by up to 0.25 per cent after RBI Governor Raghuram Rajan's tough talk with bankers on April 7.

    However, many others have not revised their rates yet. The Reserve Bank had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as "non-sense" the lenders' claims that cost of funds is high. "The banks' marginal cost of funding (has) fallen, the notion that it hasn't fallen, is non-sense. It has fallen," Rajan had said.

    PTI 

    Read more about: pnb interest rates
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more