The Hindu Business Line : Central Bank lowers PLR to 11 pc

CENTRAL Bank of India on Wednesday pegged the benchmark prime lending rate (BPLR) at 11 per cent and slashed the interest rate for agriculture and SSI loans, while offering higher returns on savings of senior citizens.

In a statement, the bank said that all the loans that are linked to BPLR would be reduced by 50 basis points from Thursday.

Interest rates on farm loans have been brought down. Agriculture advances up to Rs 50,000 would attract 8.5 per cent interest, while for loans of Rs 50,000-1,00,000, it would be 9 per cent and for loans of over Rs 1,00,000, the interest would be charged at BPLR of 11 per cent.

The bank also slashed its interest rates for small-scale industries to 8.75 per cent for advances up to Rs 50,000, 9 per cent for Rs 50,000-1,00,000 and 11 per cent for over Rs 1,00,000.

The bank also decided to give 50 basis points higher interest to senior citizens of over 70 years, resulting in an overall benefit of one per cent over the nominal interest rate.

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