7 Banks Cut Lending Rates to Give You Quick Relief

SEVEN banks have cut their repo-linked lending rates (EBLR) in response to the Reserve Bank of India's 25 basis-point rate cut announced on Friday.

- BENN KOCHUVEEDAN @Mumbai

Over Monday and Tuesday, Bank of Baroda, Punjab National Bank, Bank of India, Indian Bank, UCO Bank, Karur Vysya Bank, and RBL Bank cut rates in the range of 15-25 bps for their existing customers.

The move will reduce EMIs or the loan's tenure—if one chooses to cut the tenure and not the EMI—on retail and small business loans. However, the two largest banks in the country—State Bank of India and HDFC Bank—are yet to pass on the rate-cut benefit to customers.