|Public sector lender, Syndicate Bank has reduced in its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12 percent per annum from the earlier from 12.50 percent p.a., applicable with effect from July 1, 2009.
The revised BPLR would be applicable for both new and ongoing FRR based credit facilities. Earlier this year in January, the bank reduced its BPLR by 75 basis points to 12.50 percent (with effect from January 17).
The reduction in lending rates by the bank has been done following other PSBs, with Union Bank of India taking first step in the direction, when it announced reduction in BPLR by 25-basis-point to 11.75 percent per annum, from the earlier 12 percent per annum, with effect from July 1.
Following this, the largest lender in the country, State Bank of India, reduced its BPLR by 50 bps to 11.75 percent p.a., from the earlier 12.25 percent p.a.