PNB announced a 50 basis point cut in its benchmark

PNB announced a 50 basis point cut in its benchmark prime lending rate from 12.5 per cent to 12 percent from 01-01-2009. Also there will be cut in deposit rate from 9.5 per cent to 8.5 percent for deposits of 1 year to less than 3 years. ( source BL 301208)