Bank of India cuts PLR by 75 bps

Bank of India (BoI), a public sector lender, today cut its benchmark prime lending rate (PLR) by 75 basis points to 13.25 effective from tomorrow, a top BoI official said.

"The cut will be applicable to all PLR related lending portfolios including home, auto and corporate loans," the official told PTI here today.

The bank has announced the cut a day after Finance Minister P Chidamabarm met public sector bank heads in Delhi to discuss the current liquidity conditions and possibilities of rate cuts.

BoI has also cut its deposit rates by 50 basis points from December 1, the official said.

 

A host of banks including Punjab National Bank, Union Bank and IDBI Bank have already cut their lending rates after the Reserve Bank slashed its key rates on Saturday.

Many other banks, including the country's largest, State Bank of India, are expected to cut their rates in the coming days.