Union Bank cuts prime lending rate by 50 bps

Union Bank of India has cut its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 15 per cent from 15.50 per cent.

The BLPR cut will come into effect on May 15, 2012.

The revised BPLR is applicable to all existing accounts where the floating interest rate is linked to BPLR and those customers who have not opted to change to Base Rate.

The public sector bank had revised the Base Rate by 15 bps from 10.65 per cent to 10.50 per cent from May 1, 2012.