New Delhi: Four public sector banks (PSBs) — PNB, Bank of India, Indian Bank and UCO Bank, have announced up to 35 bps reduction in lending rate within hours of RBI’s decision to slash its policy rate on Wednesday.
Chennai-based Indian Bank said its Repo-Linked Benchmark Lending Rates (RBLR) will be lowered by 35 basis points to 8.70 per cent effective April 11.
Meanwhile, PNB has revised RBLR from 9.10 per cent, to 8.85 per cent with effect from April 10.
Bank of India’s new RBLR stands at 8.85 per cent, compared to 9.10 per cent earlier. The new rate would be effective from Wednesday, Bank of India said in a regulatory filing.
UCO Bank said it has brought down the repo-linked rate to 8.8 per cent, effective Thursday.