Citibank reduces PLR to 14.75 percent from 15 percent.Byline: ANI Mumbai, Apr 29 (ANI/Business Wire India): Citibank today announced it has reduced its Prime Lending Rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest (PLR PLR pupillary light reflex. ) by 25 basis points to 14.75 per cent from the present 15 per cent. The new PLR will be effective May 1, 2009. This reduction is in line with the prevailing monetary policy of the RBI, lower deposit rates and overall cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. . Citibank last revised its PLR in November, when the rate was lowered from 15.50 per cent to 15 per cent. (ANI) Copyright 2009 Asian News International The Asian News International (ANI) agency provides multimedia news to China and 50 bureaus in India. It covers virtually all of South Asia since its foundation and presently claims, on its official website, to be the leading South Asia-wide news agency. (ANI) - All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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