PNB cuts repo-linked lending rate by 25 bps to 6.55%
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Punjab National Bank (PNB) on Friday said it has reduced its the repo-linked lending rate (RLLR) by 25 basis points (bps) to 6.55 per cent from 6.80 per cent earlier.
“The repo-linked lending rate (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 with the bourses.
This is expected to push retail lending as it comes ahead of the upcoming festival season.
The RLLR, which was introduced in October 2019, is a floating rate-based and is linked to the repo rate of the Reserve Bank of India (RBI).
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