Vijaya Bank has announced a reduction in its benchmark prime lending rate (PLR) from 13.25 per cent to 12.75 per cent with effect from January 12, 2009.
While deciding on the PLR, the bank's Asset Liability Management Committee also reviewed the interest rates offered on deposits of various maturities in the light of continued downward trends in benchmark rates, a release said.
Accordingly, interest rates on the bank's retail deposit schemes across various slabs have also been revised downwards in the range of 25 to 75 basis points.
"Our objective is to contribute progressively to a revival in the real economy. I expect the reduction in the PLR to enable pick-up in credit, especially from the productive sectors as also the public at large," said Vijaya Bank Chairman Managing Director Albert Tauro in the release.