DBT Bureau
Pune, 19 Sep 2024
BNY has announced a decrease in its Prime Lending Rate by 0.50 percentage points, from 8.50% to 8.00%. This change will take effect on Thursday, September 19, 2024. The Prime Lending Rate serves as an important benchmark for banks in determining interest rates on various loans, including credit cards, mortgages and business loans.
The reduction in the Prime Lending Rate could lower borrowing costs for both consumers and businesses, making loans more accessible. This change might also influence interest rates on savings accounts and certificates of deposit. The decision to lower the rate is likely shaped by various economic factors and monetary policy considerations.
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, BNY oversees $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
