Allahabad Bank raises prime lending rate by 50 bps

MUMBAI (Reuters) - State-run Allahabad Bank said on Friday it has raised its benchmark prime lending rate by 50 basis points to 14 percent with immediate effect.

However, the revision will not be passed on to existing home loan, personal loan, education loan and automobile loans customers, the Kolkata-based lender said in a statement.

The revision would also not apply to home loans of upto 3 million rupees, the bank said.