Public sector lender, Central Bank of India, today said that it has reduced its benchmark prime lending rate by 0.50 per cent to 12 per cent.
The reduced rate is effective from April 1, a bank spokesperson told PTI here.
The reduction in lending rates will be applicable to all benchmark Prime Lending Rate (BPLR-related portfolios and is intended to meet the genuine credit demands of needy segments, the spokesperson added.
After the Reserve Bank of India cut its repo and reverse repo rate by 0.50 per cent each recently, many state-owned and private sector banks had reduced their BPLRs to pass on the benefit of lower interest rates to their customers.
Some of the banks which had cut their prime lending rates are Union Bank, Bank of India, ICICI Bank and Punjab National Bank, among others.
