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PNB cuts benchmark rate by 50 bps
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October 31st, 2008 · No Comments
Leading PSU bank Punjab National Bank cut its prime lending rate by 50 bps, following a reduction in RBI’s repo rate. The move would be effective from December 1.
The bank also said that its second-quarter net profit jumped to Rs 707 crore, from Rs.538.4 crore a year earlier. The bank said that its net interest income for the second quarter jumped to Rs 1,712 crore, from Rs1,291.45 crore in the year earlier. READ AT NDTV
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