New Delhi, June 24: Indian banks today indicated further reduction in lending rates to the corporate sector. "We are open for further reduction in Prime Lending Rate (PLR)," Indian Banks Association chairman Dalbir Singh said here addressing a seminar organised by PHD Chamber of Commerce. At present, PLR stands 11-11.5 per cent and only a few banks charge over 11.5 per cent and there has been a ten per cent reduction in interest rates in last six years, he said. On the VRS, he said, it was round the corner for reducing the transaction costs of the banks and the total face of the banks would be different once the automation is completed. Bureau Report