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Citibank reduces PLR by 25 basis points |
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Citibank, one of the largest full service banks in the world on Wednesday has cut its prime lending rate (PLR) by 25 basis points to 14.75% from 15%, effective 1 May.
The PLR is the rate of interest at which banks lend to their most creditworth customers. One basis point is a hundredth of a percentage point.
In a statement, the bank said, "This reduction is in line with the prevailing monetary policy of the RBI, lower deposit rates and overall cost of funds."
Last time in November, Citibank lowered its PLR, when the rate was cut from 15.50% to 15 %. Foreign and private banks have been under increasing pressure from the Reserve Bank of India as well as Prime Minister Manmohan Singh, for not sufficiently to pass on the benefits of a series of rate cuts by RBI. Between October 2008 and 18 April 2009, the five major foreign banks in India had cut their PLRs by 100 basis points.
(Posted on : 30/04/2009)
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| Citibank reduces PLR by 25 basis points |
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