Punjab National Bank cuts RLLR to 6.55%

Punjab National Bank (PNB) on Friday informed the stock exchanges that the repo linked lending rate (RLLR) has been changed from 6.80 per cent to 6.55 per cent from September 17.

RRLR is linked to the RBI's repo rate, but the effective RLLR interest rate depends on factors such as loan amount, loan-to-value and risk group. On top of this banks charge spread or margin. All this in total makes up for your loan interest rate.

The state-owned PNB had reported an over three-fold jump in its standalone net profit to Rs 1,023.46 crore for the first quarter ended June 30, mainly due to a fall in operating expenses and good recovery. The bank had posted a net profit of Rs 308.45 crore in the same quarter last year.

Shares of PNB is trading at Rs 39.95 apiece on the NSE, down Rs 1.85  or Rs 4.43 per cent, from the previous session close of Rs 41.80.

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