New Delhi: State-owned Bank of Baroda (BoB) on Thursday announced the immediate transmission of the Reserve Bank of India’s (RBI) policy rate cut of 25 basis points to its customers. The bank has reduced its external benchmark-linked lending rates for loans catering to retail and MSME segments by 25 basis points, ensuring that customers benefit quickly from the RBI’s monetary policy move, BoB said in a statement.
The Reserve Bank on Wednesday slashed key interest rates by 25 basis points for the second time in a row to support growth facing the threat of reciprocal tariffs by the US. Meanwhile, the bank has left the marginal cost of funds-based lending rate (MCLR) unchanged. The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, has been kept unchanged at 9 per cent.
Within hours of RBI announcing its 25 basis point rate cut on April 9, four PSU lenders Punjab National Bank, Bank of India, Indian Bank and UCO Bank announced up to 35 basis point reduction in lending rate. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
