UBI, Dena Bank slash lending rates

Public sector banks Union Bank of India (UBI) and Dena Bank today cut their benchmark prime lending rates (PLR) by 0.50 per cent and 0.25 per cent, respectively, effective April 1.

While Union Bank has cut its PLR from 12.50 per cent to 12 per cent, Dena Bank has slashed its rate from 12.75 per cent to 12.50 per cent, the banks said in separate statements here.

Both the banks' new rates come into effect from April 1.

Late last week, another public sector lender Central Bank of India cut PLR by 0.50 per cent to 12 per cent, again with effect from April 1.

Bank of India, Punjab National Bank and ICICI Bank have also cut their rates recently.

Banks have been cutting their rates, both PLRs and in specific segments, since the Reserve Bank began cutting its key rates in the last few months.