Yes Bank cuts PLR by 0.50%

New generation lender Yes Bank said that it has reduced its prime lending rate by 0.50 per cent with effect from Dec 8.

December 6, 2008 16:38 IST

New generation lender Yes Bank said that it has reduced its prime lending rate by 0.50 per cent with effect from December 8.

“After our asset-liability committee meeting today, we have decided to reduce our PLR by 0.50 per cent,” the bank’s Managing Director & CEO, Rana Kapoor, told PTI here.

The private sector lender is the first bank to announce a PLR cut after the RBI cut both its repo and reverse repo rates by one per cent each today.

The bank’s PLR accordingly stands reduced to 16.5 per cent from the earlier 17 per cent.

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This article was first uploaded on December six, twenty eight, at thirty-eight minutes past four in the afternoon.

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