Allahabad Bank slashes lending rates by 45 bps to lower EMIs for borrowers

Public sector lender Allahabad Bank has reduced the base rate and benchmark prime lending rate (BPLR) by 45 basis points each, a move that will lower EMIs for its borrowers.

"The Asset Liability Management Committee (ALCO) of the bank has decided to reduce base rate and BPLR (benchmark prime lending rate) by 45 basis points," the bank said in a regulatory filing today.

Allahabad Bank has slashed base rate to 9.15 per cent from 9.60 per cent. BPLR has been brought down to 13.40 per cent from 13.85 per cent.

"The revised rates are effective from April 2," it added.