Bank of India cuts PLR by 50 basis points

Bank of India has lowered its benchmark prime lending rate (PLR) by 50 basis points from the existing 12.5 per cent a year. The new rate of 12 per cent will be effective from April 01, 2009.

Last week, the bank declared a interim dividend of 30 per cent or Rs 3 per share for the year 2008-09.

The shares of the state owned bank settled at Rs 192.90, down 3.28 per cent on the Bombay Stock Exchange today.