Punjab National Bank today slashed its repo linked lending rate (RLLR) to 6.55 per cent from 6.80 per cent. Shares of the public sector bank shed more than four per cent on Friday, September 17, a day after the government approved extending a guarantee of Rs 30,600 crore to the National Asset Reconstruction Company Limited (NARCL) to help clear the banking sector’s stressed assets.
Punjab National Bank opened on the BSE at Rs 42.20, registering an intra day high of Rs 42.80 and an intra day low of Rs 39.35, in the trading session so far. The bank’s repo linked lending rate is reduced t 6.55 per cent with effect from September 17, 2021, according to a regulatory exchange by PNB to the stock exchanges today.
The lender’s RLLR was changed to 6.80 per cent to 6.65 per cent with effect from September 1, 2020, according to its official website. All its floating rate personal or retail loans (on housing, auto etc.) as well as floating rate loans to the Micro, Small and Medium Enterprise (MSME) loans had have the mark-up of 2.55 per cent from September 17, 2020. It will reset after three years from the date of sanction.
In case of existing floating rate personal or retail loans and floating rate loans to MSME loans between September 1-September 16 will continue with the existing mark up of 2.80 per cent.
On the NSE, Punjab National Bank opened at Rs 42.70, touching an intra day high of Rs 42.75 and an intra day low of Rs 39.35, in the session so far.
Shares of Punjab National Bank were last trading 4.19 per cent lower at Rs 40.05 apiece on the BSE.