The Hindu Business Line : SBT fixes benchmark PLR at 11 per cent

STATE Bank of Travancore (SBT) has fixed its benchmark prime lending rate at 11 per cent, representing a reduction by 50 basis points from its current PLR/PTLR.

The prime lending ratewill be effective January 1, 2004, a spokesman of the bank said here. The revision comes in the wake of the recent guidelines from the Reserve Bank of India to commercial banks to determine and fix benchmark prime lending rates (BPLRs).

All existing borrowers of SBT with interest rates pegged to the present PLR/PTLR, other than those who fall under the exempted categories, will automatically benefit from the reduction in the interest rates.

According to the spokesman, the bank has left untouched the interest rates offered by it for deposits of all maturities, given the predominance of personal deposits in its total deposits portfolio.

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