BUSINESS

SBI cuts PLR, MTLR

MUMBAI OCT. 31. After reducing the deposit rates, State Bank of India today decided to cut the prime lending rate (PLR), the medium term lending rate (MTLR) and the short term advance rate (STAR) by 25 basis points across the board with effect from November 1.

The revised PLR, MTLR and STAR would be 10.75 per cent, 11.25 per cent and 10.25 per cent respectively, SBI said in a release here. The bank has also reduced the maximum spread on advances from 3.5 per cent to 2.5 per cent over prime lending rates, it added.

Union Bank prunes deposit rates

Union Bank of India in a release said it has brought down the deposit rates by 25 to 75 basis points across all maturity buckets from November 5.

The rates on non-resident external deposits have also been scaled down so as to bring them on a par with domestic deposits, it said. — PTI

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