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Banks hint at cut in lending rates

June 24, 2003 13:08 IST

Indian banks on Tuesday indicated further reduction in lending rates to the corporate sector.

"We are open for further reduction in prime lending rate," Dalbir Singh, chairman of the Indian Banks' Association, said in New Delhi while addressing a seminar organised by PHD Chamber of Commerce.

At present, PLR stands 11-11.5 per cent and only a few banks charge over 11.5 per cent. There has been a 10 per cent reduction in interest rates in last six years, he said.

On the issue of voluntary retirement scheme, he said, it was round the corner for reducing the transaction costs of the banks and the total face of the banks would be different once the automation is completed.

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