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Friday, Nov 01, 2002

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SBI cuts PLR 25 basis points

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MUMBAI, Oct. 31

STATE Bank of India (SBI) has announced reduction in prime lending rates. More banks are expected to follow suit.

Following the 25 basis point bank rate cut in the Credit Policy, SBI has cut its prime lending rate (PLR) by 25 basis points to 10.75 per cent (11 per cent).

The medium term lending rate has been revised to 11.25 per net (11.50 per cent) and short-term advance rate to 10.25 per cent (10.50 per cent). The 25 basis points cut is effective from November 1.

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