New Delhi: Public sector lender Allahabad Bank has reduced the base rate and benchmark prime lending rate (BPLR) by 45 basis points each, a move that will lower EMIs for its borrowers.

“The Asset Liability Management Committee (ALCO) of the bank has decided to reduce base rate and BPLR (benchmark prime lending rate) by 45 basis points," the bank said in a regulatory filing on Saturday.

Allahabad Bank has slashed base rate to 9.15% from 9.60%. BPLR has been brought down to 13.40% from 13.85%.

“The revised rates are effective from 2 April," it added.

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