The Hindu Business Line : Phased PLR reduction

City Union Bank plans to cut its prime lending rate by 50 basis points by the end of this month, the bank’s Chairman, Mr S. Balasubramanian, said. The bank would reduce PLR in phases, Mr Balasubramanian told newspersons on the sidelines of a banking seminar organised by the Indian Chamber of Commerce here. The PLR of the bank was at 14.75 per cent at present. The bank, he said, would also announce a reduction in interest rates on deposits.

“We are waiting and watching the market. Once the major players announce a cut in rates we will follow suit,” he said. City Union Bank is targeting a credit growth of 20 per cent and deposit growth of 25 per cent during the current financial year.

— Our Bureau

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