From correspondents in West Bengal, India, 06:33 PM IST

State-run Allahabad Bank Saturday decided to slash its benchmark prime lending rate by 25 basis points from July 1.

'The bank has decided to reduce the benchmark prime lending rate by 25 basis points from the existing 12.25 percent to 12 percent with effect from July 1, 2009,' the bank said in a regulatory statement.

(Staff Writer, © IANS)