Bank of India cuts prime lending rate

By Mumbai: | 26 Nov 2003

1

Mumbai: Bank of India has cut its prime lending rate (PLR) by 0.5 percentage points to 11 per cent effective December 1, 2003.

"Pending emergence of guidelines for a benchmark PLR, Bank of India has taken this step to work out its own PLR in accordance with the RBI's indicative guidelines," a bank release said.
Interest rate for SSI advances over Rs 50,000 up to Rs 2 lakh will now be 10 per cent, and advances between Rs 2 lakh and Rs 10 lakh would be charged 11 per cent (11.50 per cent).

Advances to other priority sectors for amounts over Rs 50,000 would be charged at a sub-PLR rate of nine per cent, according to the release.

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