Mumbai: State-owned Central Bank of India Saturday cut its lending rates by 0.75% effective from Monday.
With the revision, Central Bank’s benchmark prime lending rate (BPLR) presently stands at 12.5%, the bank said in a release.
Responding to Reserve Bank of India policy signals, a majority of state-owned banks including leading lenders, State Bank of India (SBI) and ICICI Bank, had reduced their lending and deposit rates in the recent past.
The SBI effected a 0.75% cut in its BPLR and a 0.25-1% cut in deposit rates while India’s largest private sector lender, ICICI Bank slashed its lending and deposit rates by 0.5%.
Other lenders who have recently reduced their interest rates are Bank of Baroda, Bank of India, Union Bank of India, HDFC and Bank of Rajasthan.