Bank of India cuts prime lending rate by 75 bps

Bank of India cuts prime lending rate by 75 bps

Mumbai: State-run Bank of India has cut its prime lending rate by 75 basis points to 13.25% with effect from Thursday, a senior official said on Wednesday.

It also plans to cut the interest rates on deposits by 50 basis points across all maturities with effect from 1 December, Executive Director B.A. Prabhakar told Reuters.

On Saturday, the Reserve Bank of India cut banks’ cash reserve requirements by 100 basis points to 5.5%, thereby releasing Rs400 billion into the banking system.

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