IDBI To Slash PLR By 50 Bpsa

Mumbai: IDBI said on March 26 that it is decreasing its benchmark prime-lending rate by 50 basis points to 12.75 per cent from 13.25 per cent. The new rate will take effect from April 1. IDBI is one of the last banks among its peers to decrease the benchmark rate. Other banks such as State Bank of India, Bank of India, Bank of Baroda and Union Bank of India had slashed their BPLR last month. The bank wanted to look on the market and the reactions of other banks. Less than 10 per cent of IDBI''s loans, excluding housing loans, are associated to the BPLR