State-owned Punjab & Sind Bank (PSB) slashed its lending rate by 0.25%, in line with other lenders. The bank has revised its base rate by 0.25% to 10.50% from from 10.75% per annum.
Base rate is the benchmark rate below which a bank cannot lend. With the reduction in the base rate, all kinds of loans would be cheaper by at least 0.25%.
The new rate would be effective from May 1.