ICICI Bank Slashes PLRs By 50-100 Bps

Mumbai, Aug 30: | Updated: Aug 31 2002, 05:30am hrs
ICICI Bank on Friday announced a cut in its lending rates ranging between 50 basis points (bps) and 100 bps. The bank slashed its short-term prime lending rate (STPLR) by 100 bps to 11.5 per cent, medium-term PLR by 50 bps even as it retained its long-term PLR at 12.5 per cent.

The bank also slashed its cash-credit interest rates by 50 basis points. The revised rates will come into force from September 1, 2002.

One reason contributing to bringing down the prime lending rates is that the bank had slashed its deposit rates in July 2002.

It is just passing on the benefit to customers.