You are here - HomeNewsBusiness Story
Business
SBI, five others slash loan rates

Posted On Friday, November 07, 2008 at 03:09:06 AM

Mumbai: Reversing the hardening interest rate cycle, the country’s largest bank State Bank of India (SBI), foreign lender Citibank and four other banks announced on Thursday a cut in their benchmark lending rates by up to 75 basis points (0.75 per cent), thus paving way for cheaper home, personal and auto loans.

SBI was the first to announce cut in the prime lending rate (PLR) by 0.75 per cent to 13 per cent, followed by Chennai-based Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Baroda too.

Meanwhile, Citibank became the first foreign bank to cut PLR by 0.50 per cent to 15 per cent.

But SBI chief OP Bhatt warned that an increased level of “stressed assets” in the system could push up the non-performing asset (NPA) levels of banks in the coming months.

“Banks need to have better risk management systems,” he said.


Rate me....
Mail this article Mail this article Print this article Print this article
Contribute/ Share your Opinion
More
Page 1 of 10
Page 1 of 10next



Advertisement
Advertisement
Advertisement
Advertisement