OBC cuts lending rate by 75 bps to 12.5 pc

State-run lender Oriental Bank of Commerce (OBC) announced a cut in its benchmark lending rate by 0.75 percentage points to 12.50 per cent from 13.25 per cent from January 14 in response to Reserve Bank's easy money supply.

State-run lender Oriental Bank of Commerce (OBC) on Monday announced a cut in its benchmark lending rate by 0.75 percentage points to 12.50 per cent from 13.25 per cent from January 14 in response to Reserve Bank's easy money supply.

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Announcing the cut, OBC said in a statement in Mumbai that all borrower accounts linked to prime lending rate would be cheaper to that extent.

Most peer group banks like the Bank of India, Canara Bank, PNB, Bank of Baroda and Union Bank of India have already reduced their benchmark lending rates.