Significant Rate Cuts Announced
New Delhi: In a swift response to the Reserve Bank of India's recent policy rate cut, both Bank of India and UCO Bank have announced a reduction of 25 basis points in their lending rates. This adjustment is set to benefit both existing and prospective borrowers.
Other financial institutions are anticipated to follow suit with similar announcements in the near future.
In their respective regulatory disclosures, both public sector banks indicated that the rate changes were prompted by the RBI's earlier decision to lower the short-term lending rate, known as the repo rate.
The Bank of India's new Repo Based Lending Rate (RBLR) has been adjusted to 8.85 percent, down from the previous 9.10 percent.
This revised rate will take effect immediately, as confirmed by the bank's regulatory filing.
Meanwhile, UCO Bank has reduced its repo-linked rate to 8.8 percent, which will be effective starting Thursday.
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