India's Allahabad Bank cuts lending rate by 25 bps
MUMBAI, June 27 (Reuters) - India's Allahabad Bank (ALBK.BO: Quote, Profile, Research) has lowered its benchmark prime lending rate (BPLR) by 25 basis points to 12 percent, from 12.25 percent, it said in a notice to the stock exchanges on Saturday.
The cut in the state-run bank's prime lending rate would be effective from July 1, it added. Indian banks use BPLR as a benchmark for pricing their loan products. (Reporting by Anurag Joshi)
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