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Allahabad Bank cuts its base rate by 0.3%

Within hours of RBI’s reduction in its key policy rate third time this year, the Allahabad Bank has cut its base rate or minimum lending rate by 0.3 percent.

With effect from June 8, the base rate will be at 9.95 percent from 10.25 percent, the bank said in a statement.

All the loans that are linked to the base rate will come down by at least 0.3 percent with the reduction.

Thereupon, Benchmark Prime Lending Rate (BPLR) of the bank will be reduced to 14.20 percent from the existing 14.50 percent.

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