The Hindu Business Line : BoB, Canara Bank cut PLR by 25 basis points

BANK of Baroda and Canara Bank have fixed their `Benchmark PLRs' (BPLR) at 10.50 per cent and 10.75 per cent respectively, 25 basis points lower than their original PLRs.

The announcement comes a fortnight after Union Bank of India announced its benchmark rate at 10.75 per cent.

With this, Canara Bank has dispensed with its prime-term lending rate and other tenor-linked rates. Henceforth, all the lending rates would be linked to BPLR.

Similarly, BoB has also said, that the BPLR would be the reference rate around which most of the bank's lending's would take place.

Consequently, the bank has withdrawn the BoB Short term PLR - I and II and also BoB Term PLR. However, BoB has said, that all the existing rates will be linked to the BPLR, thereby allowing the benefit of the reduction in the rate to be extended to a larger number of borrowers, according to a press release.

Other banks such as SBI and Bank of India are also understood to be reviewing their PLR.

Last month, Bank of India reduced its PLR by 50 basis points to 11 per cent.

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