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Bank
of India cuts prime lending rate
Our
Banking Bureau
26 November 2003
 Mumbai:
Bank of India has cut its prime lending rate (PLR) by
0.5 percentage points to 11 per cent effective December
1, 2003.
"Pending
emergence of guidelines for a benchmark PLR, Bank of India
has taken this step to work out its own PLR in accordance
with the RBI's indicative guidelines," a bank release
said.
Interest rate for SSI advances over Rs 50,000 up to Rs
2 lakh will now be 10 per cent, and advances between Rs
2 lakh and Rs 10 lakh would be charged 11 per cent (11.50
per cent).
 Advances
to other priority sectors for amounts over Rs 50,000 would
be charged at a sub-PLR rate of nine per cent, according
to the release.
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