Canara Bank and Bank of India cuts lending rates

Public Sector Banks like Canara Bank and Bank of India on April 30, 2012 cut their base rate or minimum rate of lending by 0.25 percent to 10.50 percent following the Reserve Bank of India’s (RBI) move to cut down rates.

Both the banks also cut rates on loans under the older Benchmark Prime Lending Rate (BPLR) by a similar 0.25 percent to 14.75 percent. The revisions are applicable from May 1, 2012.

Oriental Bank of Commerce (OBC) also cut lending rates by 0.25 percent to 14.75 percent only under the BPLR but OBC leaving the base rate untouched.

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