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Mumbai, Nov. 5 Bank of India on Wednesday announced a 75 basis points cut in its benchmark prime lending rate to 13.25 per cent with effect from November 6. The bank has also decided to reduce deposit rates by 50 basis points with effect from December 1.

“Almost 80 per cent of our advances are linked to the Benchmark Prime Lending Rate (BPLR). Hence, the 75 basis points cut in our BPLR will benefit our borrowers,” said Mr T.S. Narayanasami, Chairman and Managing Director.

Many public sector banks have reduced their BPLRs by 50 to 75 basis points over the last few days. Punjab National Bank, Union Bank of India and United Bank of India have cut their BPLR by 50 basis points to 13.5 per cent, State Bank of India, the biggest lender in the country, is also expected to announce a cut in its BPLR, which currently stands at 13.75 per cent, soon.

More Stories on : Interest Rates | Credit Market | Public Sector Banks

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