From correspondents in Delhi, India, 07:30 PM IST

Public sector lender Punjab National Bank (PNB) has reduced its benchmark lending rate by 50 basis points to 11 percent, it announced Thursday.

The benchmark prime lending rate (BPLR) has been slashed from 11.5 percent to 11 percent from Friday, the bank said in a statement.

The announcement comes a week after the central Reserve bank of India (RBI) reduced short-term rates.

PNB has cut interest rate on personal loans by 50 basis points while floating home loan would become cheaper by 25 basis points.

Besides, the bank has also reduced its peak deposit rate by 50 basis points to 7.5 percent.

--Ind-Asian News Service

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(Staff Writer, © IANS)