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Punjab & Sind Bank cuts interest rates for home and auto loans

18 Apr 2012 Evaluate

State-owned lender Punjab & Sind Bank (PSB) has cut its interest rates for home and auto loans for new borrowers by up to 0.75%.

The announcement coincided with the RBI’s annual credit policy which reduced the benchmark lending rate by 0.5% to 8%. In home loan, interest rates have been reduced between 0.25-0.50% while for auto loan it varies between 0.25-0.75% depending on maturity and amount borrowed.

The bank offered home loan to its customer between 11-12.75% prior to reduction. At the same time, auto loan rate varied between 12.75-13.75%. The new rates have become effective from April 1.

Meanwhile, the RBI reduced the short-term lending (repo) rates to 8% from 8.5%. In the Annual Monetary Policy, 2012-13, RBI doubled borrowings under the Marginal Standing Facility for banks to 2% of their deposits with immediate effect to ease liquidity. It also permitted banks to borrow under the MSF even if they have excess government securities holdings.

Punjab & Sind Bank Share Price

24.65 -0.10 (-0.40%)
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Peers
Company Name CMP
State Bank Of India 1030.05
PNB 105.70
Bank Of Baroda 248.20
Canara Bank 126.45
Union Bank Of India 172.40
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