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Union Bank fixes benchmark PLR at 10.75 p.c.

MUMBAI DEC. 11. Union Bank of India has become the first bank to fix the benchmark Prime Lending Rate (PLR) at 10.75 per cent, effective January 1, 2004 even as other banks, including State Bank of India, are reviewing their PLR to be implemented from next year.

The board approved yesterday a proposal for fixing benchmark PLR at 10.75 per cent, 0.25 per cent less than current PLR of 11 per cent, UBI Chairman and Managing Director, V. Leeladhar, told reporters on the sidelines of Bank Economists Conference here today.State Bank of India Chairman, A. K. Purwar, said it was reviewing the lending rate and expects to announce a decision by mid-January.

ICICI Bank Managing Director and CEO, K. V. Kamath, said the interest rates seemed to be bottoming out on both sides (lending and deposits side).

The bank would announce its decision in this regard (benchmark PLR) later, he added.

PTI

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