Major banks slash lending rates in line with RBI policy

Several major banks, including Punjab National Bank (PNB), Bank of India and UCO Bank, Bank of Baroda, HDFC Bank have slashed their lending rates following the Reserve Bank of India's (RBI) recent decision to cut the repo rate by 50 basis points.

- INDO- ASIAN NEWS SERVICE

The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses. PNB was among the first to pass on the benefit, lowering its repo-linked lending rate from 8.85 per cent to 8.35 per cent.

However, the bank kept its base rate and marginal cost of lending rate (MCLR) unchanged.