PNB cuts PLR, effective from Feb 1

Giving relief to millions of home loan and auto loan seekers, the country's second largest public sector lender, Punjab National Bank, on Friday said it will cut benchmark lending rate by 50 basis points to 11.50 per cent effective February 1. "We have decided to cut Prime Lending Rate (PLR) by 50 basis points beginning next month," PNB Chairman and Managing Director K C Chakrabarty told reporters while announcing the bank's third quarter result.