Paisawaisa (New Delhi), November 10, 2008: The Indian public sector banks, in an attempt to reduce bad loans on their books, announced their decision to slash the interest loan and deposit rates by 0.50-0.75% after a meeting with the Union Finance Minister.
In a meeting between heads of the banks and P Chidambaram, the Union Finance Minister, it was decided that the public sector banks will make a reduction of 0.50-0.75 percent to reduce the troubling bad loans from their books.
State Bank of India (SBI), Bank of Baroda (BoB), UCO bank and Central Bank of India (CBI) announced their decision to cut down the PLR (prime lending rate) by 50 to 75 basis points. PLR is referred to the rate at which the banks offer lending to their most credit-worthy customers. This move is believed to be a result of the apex banks deduction in respect to the Cash reserve ratio, statutory liquidity ratio, repo rate and the cash amount percentage the banks need to deposit with the Reserve Bank of India and also the rate at which the RBI makes short-term lending to the other banks. The move is expected to result in the form of major long-term loans. The participating banks have also requested the RBI to relax bad loan norms relating to the real estate loans that were restructured in August 2008.
P Chidambaram said that he has received notification from the meeting participants to reduce the depsoit trates by 50 bps to ensure that their profits are not diluted. Punjab National Bank has already announced its decision to reduce the prime lending rate to 13.50%, a reduction of 50 basis points while the Indian Bank has reduced the PLR by 50-75 bps. The private sector banks, in the meanwhile, are following a wait and watch policy.
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