RBI Repo Rate Cut: Four PSU Banks Reduces Lending Rate In Line with RBI's Policy, More To Follow Suit

RBI Repo Rate Cut: Within hours of the RBI's decision to cut policy rates on Wednesday, four public sector banks - Punjab National Bank (PNB), Bank of India, Indian Bank and UCO Bank - announced reductions in lending rates by up to 35 basis points, a move to help existing and new borrowers.

Other banks are expected to make similar announcements soon. These public sector banks, in separate regulatory filings, said the revision comes after the RBI cut short-term lending rates (repo rates).

Chennai-based Indian Bank said it will cut its repo-linked benchmark lending rate (RBLR) by 35 basis points to 8.70 per cent with effect from April 11. PNB, meanwhile, revised its RBLR from 9.10 per cent to 8.85 per cent, effective April 10.

Bank of India has reduced the new RBLR to 8.85 per cent from 9.10 per cent. The new rates will be effective Wednesday, the Bank of India said in a regulatory filing.

UCO Bank said it has reduced the repo-linked rate to 8.8 per cent, effective from Thursday.

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(With Inputs From PTI)