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Punjab National Bank Reduces Repo-Linked Lending Rate To 6.55%

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Punjab National Bank shares lost more than four cents today

The Punjab National Bank today cut its Pension Linked Lending Rate (RLLR) to 6.55 percent from 6.80 percent. The public sector bank’s shares lost more than 4% on Friday, September 17, a day after the government approved the extension of a guarantee of Rs 30,600 crore to the National Asset Reconstruction Company Limited (NARCL) for help eliminate distressed assets from the banking sector.

The Punjab National Bank opened on BSE at Rs 42.20, recording an intra-day high of Rs 42.80 and an intra-day low of Rs 39.35, during the trading session so far . The bank’s pension lending rate is reduced by 6.55% effective September 17, 2021, according to a regulatory exchange of GNP on stock exchanges today.

The lender’s RLLR fell from 6.80% to 6.65% as of September 1, 2020, according to its official website. All of its personal or retail variable rate loans (on housing, auto, etc.) as well as variable rate loans to micro, small and medium enterprises (MSMEs) had a margin of 2.55% as of September 17, 2020. It will be reset after three years from the date of sanction.

In the case of existing personal or retail variable rate loans and variable rate loans to MSMEs, loans between September 1 and September 16 will continue with the existing mark-up of 2.80%.

On the NSE, the Punjab National Bank opened at Rs 42.70, hitting an intra-day high of Rs 42.75 and an intra-day low of Rs 39.35, during the session so far.

Punjab National Bank shares last traded down 4.19% at Rs 40.05 each on BSE.

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