Corporation Bank revises lending rate

Mangalore headquartered Corporation Bank has announced a revision of its bench mark prime lending rate. The bank has cut the prime lending rate by 75 basis points to 12.50% per annum.

The new rates will be applicable with effect from January 1, 2009. Corporation Bank has also announced to reduce the deposit rates by 25-100 basis points. The new rate will be applicable for various maturities effective January 1, 2009, the bank said in a statement.