Two more banks cut lending rates

January 2nd, 2009 - 10:14 pm ICT by IANS  

New Delhi, Dec 2 (IANS) Two more state-owned banks joined the banking community in cutting lending rates by 50 to 70 basis points.In a regulatory statement, State Bank of Travancore announced Friday that it had revised the benchmark prime lending rate (BPLR) from 13.25 percent to 12.75 percent with effect from Jan 1.

Another public sector bank, Allahabad Bank, has informed the Bombay Stock Exchange that it would reduce its BPLR by 75 basis points from 13.25 percent to 12.50 percent from Jan 5.

Banks are expected to start lending more money following announcement of the second stimulus package Friday.

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