Public sector lender Allahabad Bank has finally raised its benchmark prime lending rate (BPLR) by 50 basis points to 14 per cent with immediate effect.

However, the hike in BPLR will not be passed on to the existing housing loan, personal loan, education and car/auto loan customers.

Moreover the change in BPLR will also be not applicable on new housing loans up to Rs 30 lakh.

The benchmark prime lending rate (BPLR) has been raised in view of the increase in cash reserve ratio requirement, cost of funds and the overall economic scenario.

The bank's net profit fell 53.4% to Rs 93.36 crore on 20.5% growth in operating income to Rs 1849.63 crore in Q1 June 2008 over Q1 June 2007.