Business Daily from THE HINDU group of publications
Sunday, Dec 07, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Sunday, Dec 07, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Interest Rates
Dr K. C. Chakrabarty Our Bureau New Delhi, Dec. 6 The Punjab National Bank will review its lending and deposit rates in January, its Chairman and Managing Director, Dr K.C. Chakrabarty, said here. “I had already anticipated the reverse repo and repo rate reduction from the Reserve Bank of India and announced PLR cut of 100 basis points with effect from December 1. Now I can’t be changing my interest rates every day. We will review rates in January,” Dr Chakrabarty told Business Line here, reacting to the RBI’s growth stimulus measures announced in Mumbai on Saturday. In the last week of November, the bank had also decided to reduce its peak deposit rate from 10.5 per cent to 9.5 per cent for deposits of one year to less than three years. On RBI’s measures, Dr Chakrabarty said these measures were timely, adequate and gave a “strong signal” that there was a need for banks to reduce interest rates. More Stories on : Interest Rates | Punjab National Bank
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