PNB slashes lending rate to 6.55%

New Delhi, September 17

State-owned Punjab National Bank (PNB) on Friday said it has slashed the repo-based lending rate by 25 basis points (bps) to 6.55%.

“The repo-linked lending rate (RLLR) has been changed from 6.80% to 6.55%, with effect from September 17 (Friday),” PNB said in a regulatory filing.

The RLLR was introduced in October 2019. It is a floating rate-based personal or retail loan that is linked to external benchmarks, such as the repo rate of the Reserve Bank of India (RBI).

Repo rate is the rate at which the Reserve bank of India lends money to commercial banks for their short-term requirements.

Shares of Punjab National Bank on Friday closed at Rs 39.70 apiece on the BSE, down 5.02% from the previous close. — PTI