OBC, Citi reduce lending rates

State-run Oriental Bank of Commerce today reduced prime lending rate (PLR) by 75 basis points to 13.25%. The banks also cut interest rates on housing loans upto Rs 30 lakh and interest rates on education loans.

Foreign banking major Citibank also announced a reduction of 50 basis points in its PLR to 15%.

The reduction in PLR is in line with the easing of monetary policy and liquidity in the banking system as a result of several initiatives undertaken by the government and the Reserve Bank of India over the last couple of weeks, Citibank said.