India's third largest private sector lender Axis Bank has reduced its benchmark prime leading rate (BPLR) by 0.5 per cent from today. The bank's BPLR now stands reduced at 14.75 per cent. The rate cut came a day after Reserve Bank Governor, D Subbarao said banks have scope to further lower their lending rates. Recently SBI has reduced its deposit rates. With surplus liquidity in the system, banks have witnessed a steady decline in their cost of funds over the past few months.
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