Oriental Bank of Commerce cuts PLR by 75 bps

Reuters
Posted: Thursday, Nov 06, 2008 at 1512 hrs IST
Updated: Thursday, Nov 06, 2008 at 1512 hrs IST

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New Delhi, November 6: : State-run Oriental Bank of Commerce said on Thursday it cut its benchmark prime lending rate by 75 basis points to 13.25 per cent with immediate effect.

The cut follows the lead of the Reserve Bank of India, which cut its key short term lending rate by 150 basis points to 7.5 per cent in two steps in October and November.

Earlier in the week, after a meeting with Finance Minister Palaniappan Chidambaram, state-run banks agreed to follow up on the central bank's rate cut.

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Oriental Bank of Commerce cuts PLR by 75 bps

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