The Hindu Business Line : Allahabad Bank too cuts PLR

ALLAHABAD Bank has lowered its prime lending rate (PLR) by 50 basis points. With effect from January 1, the bank's benchmark PLR has been fixed at 11 per cent, according to Mr O.N. Singh, its CMD.

Addressing a news conference here, Mr Singh said the bank has also reduced the deposit rates for domestic term deposits having maturity tenures of more than two years by 25 basis points. It is also targeting expansion of its FCNR (B) deposit base where the interest rate has been increased by five to 40 basis points for various currencies over varying maturities w.e.f. January 1.

According to Mr Singh, the advances and deposits of the bank are expected to go up to Rs 60,000 crore by March 2005.

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