Punjab National Bank cuts repo-based lending rate by 25 bps to 6.55%

State-owned (PNB) on Friday said it has slashed the repo-based by 25 basis points (bps) to 6.55 per cent.

“The repo-linked (RLLR) has been changed from 6.80 per cent to 6.55 per cent, with effect from September 17, 2021 (Friday),” PNB said in a regulatory filing.

The RLLR was introduced in October 2019. It is a floating rate-based personal or retail loan that is linked to external benchmarks, such as the of the Reserve Bank of India (RBI).

Repo is the rate at which the RBI lends money to commercial for their short-term requirements.

Shares of PNB on Friday closed at Rs 39.70 apiece on the BSE, down 5.02 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read on The Source