Punjab National Bank cuts lending rate

July 20th, 2009 NEW DELHI - The country's second largest private lender HDFC Bank Monday cut its benchmark lending rate by 25 basis points to 15.75 percent. "The benchmark prime lending rate has been reduced to 15.75 percent per annum with effect from July 20," the bank said on its website.

June 27th, 2009 KOLKATA - State-run Allahabad Bank Saturday decided to slash its benchmark prime lending rate by 25 basis points from July 1. "The bank has decided to reduce the benchmark prime lending rate by 25 basis points from the existing 12.25 percent to 12 percent with effect from July 1, 2009," the bank said in a regulatory statement.

June 24th, 2009 KOLKATA - The state-owned United Bank of India (UBI) has reduced the benchmark prime-lending rate (BPLR) by 25 basis points, a bank statement said here Wednesday. The bank has reduced prime-lending rate by 25 basis points to 12 percent with effect from July 1, 2009, S.C.

June 19th, 2009 KOLKATA - The city-based UCO Bank will cut its deposit and lending rates by 50 basis points soon, a top bank official said here Friday. We would cut both the deposit and lending rates by 50 basis points from June 27, UCO chairman and managing director S.K.

June 4th, 2009 MUMBAI - India's largest private sector lender ICICI Bank has cut the floating reference rate (FRR) by 50 basis points, including the floating home loan rate, the company announced Thursday. The revised FRR will be 12.75 percent as against 13.25 annually, the bank said in a regulatory statement.

May 13th, 2009 Kuwait cuts discount rate by 50 basis pointsKUWAIT CITY — The official Kuwait News Agency says the oil-rich country's central bank has cut discount rate by 50 basis points to 3 percent. Central Bank head Sheik Salem Abdul-Aziz Al Sabah told KUNA on Wednesday the reduction was needed to "enhance growth" in non-oil sectors of the economy.

May 8th, 2009 ECB cuts a quarter percent, will buy bondsFRANKFURT — The European Central Bank will purchase euro-denominated covered bonds and extend 12-month credits to banks as it moves to get more money flowing through the 16-nation euro zone economy. ECB President Jean-Claude Trichet, in remarks to reporters after the bank lowered its benchmark interest rate to 1 percent, unveiled the measures to accompany already announced increased liquidity and broader collateral rules for banks.

April 30th, 2009 NEW DELHI - The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent. The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 per cent effective tomorrow, the bank said in a statement.

April 21st, 2009 MUMBAI - India's Central bank cut key rates Tuesday by 25 basis points in a move to infuse more liquidity into the system and stimulate lending growth. The Reserve Bank of India (RBI) cut the repo rate by 25 basis points from the current 5 percent to 4.75 percent, while the reverse repo rate has been brought down to 3.25 percent from 3.5 percent earlier.

March 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.

March 1st, 2009 NEW DELHI - Public sector lender Punjab National Bank (PNB) has lowered interest rates for car loans by 50 basis points, effective from Sunday. 'The interest rate on car loan would come down from 11-11.5 percent to 10.5-11 percent, with effect from March 1,' PNB said in a statement Saturday.

February 4th, 2009 LONDON - The Bank of England (BoE) Thursday cut interest rates to an historic low of one percent in a further attempt to stimulate the economy and stave off a deepening recession. The bank's decision to cut borrowing costs by 50-basis-points follows monthly rate cuts since last October, when the key lending rate in Britain stood at five percent.

January 5th, 2009 KOLKATA - The United Bank of India (UBI) has reduced its prime lending rate by 50 basis points to 13 percent effective from Jan 12, it said here Tuesday. 'With this, the existing floating rate in all corporate and retail categories borrowers such as SME (small and medium enterprises), agriculture, housing, auto and vehicle loans, as well as potential borrowers will get the benefit of reduced rate of interest,' a bank statement said.

December 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.

December 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.