Syndicate Bank revises PLR to 13 per cent

Bangalore, Apr 11(UNI) Public sector Syndicate Bank has announced an upward revision of its Prime Lending Rate by 75 basis points to 13 per cent with effective from today.

This rise was necessitated to compensate the increase in cost of funds due to recent rise in Cash Reserve Ratio(CRR) requirement and increased repo rate by Reserve bank of India, a press release said here.

The increase of interest rate by 75 basis points applied to all customers of the bank who have credit facilities carrying floating rate of interest including retail bank customers, the release added.

UNI