Axis Bank, the country's third-largest private sector lender, has reduced its benchmark prime leading rate (PLR) by 50 basis points effective from Friday.
The bank's PLR now stands at 14.75 per cent, a press release issued here said.
The rate cut came a day after Reserve Bank Governor D Subbarao said banks have scope to further lower their lending rates.
PLR is the benchmark rate based on which banks decide their loan rates in various portfolios. With surplus liquidity in the system, banks have witnessed a steady decline in their cost of funds over the past few months.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app