State-run lender Corporation Bank on Wednesday joined the league of 12 other public sector lenders in cutting its benchmark lending rate from Wednesday.
In a filing to the Bombay Stock Exchange, the bank said that the Corporation Bank Benchmark Advance Rate (COBAR) has been revised downward by 50 basis points to 12 per cent from 12.5 per cent per annum with effect from Wednesday.
As many as 13 state-run lenders, including Corporation Bank, are set to cut their prime lending rates in the range of 25-50 basis points.
Eight state-run lenders that have decided to reduce prime lending rate by 50 basis points, are Canara Bank, Central Bank, Vijaya Bank, OBC, Union Bank, Bank of Baroda, UCO Bank and Punjab & Sind Bank.
Four banks other banks -- Allahabad Bank, United Bank, Dena Bank and Andhra Bank -- would lower prime lending rates by 25 basis points from Wednesday.
Besides, private-sector lender Citi Bank also decided to cut its mortgage prime lending rate by 50 basis points to 13.75 per cent.
Meanwhile, the country’s second largest public-sector lender Punjab National Bank has announced a cut in interest rates by 50-100 bps on fixed deposits of less than three years effective from Wednesday.