Kolkata, Nov 6(UNI) Allahabad Bank today announced reduction in its prime lending rates (PLR) by 75 basis points, with effect from November 10.
After the reduction, the PLR of the bank will be at 13.25 per cent compared to 14 per cent at present, the bank said in a statement.
The bank will also reduce interest on term deposit by 50 basis points from December 1.
The reduction in PLR was announced in response to recent cut in CRR, the amount of deposits banks need to park with the central bank, and short-term lending rate by the Reserve Bank of India, the bank said.
UNI KDG KK/src1853