Allahabad Bank cuts lending rate by 75 basis points

November 6th, 2008 - 7:48 pm ICT by IANS  

Kolkata, Nov 6 (IANS) Kolkata-based Allahabad Bank has decided to cut its benchmark prime lending rate (BPLR) by 75 basis points from 14 percent to 13.25 percent with effect from Nov 10, a bank statement released here Thursday said.”The reduction in BPLR has been announced having regard to the recent cash reserve ratio (CRR) and repo-rate cut by the Reserve Bank of India, current market scenario and the need to provide need-based credit to productive sectors at affordable rates,” the statement said.

The bank has also announced a reduction of 50 basis points in the interest rates on its term deposits from Dec 1.

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