Banks Follow RBI's Repo Cut, Slash Lending Rates

State-owned PNB, Bank of India, BoB, UCO Bank cut lending rates by up to 50 bps; private lender HDFC Bank by 10 bps

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Several major banks, including Punjab National Bank (PNB), Bank of Baroda, Bank of India and UCO 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. The rate cut is part of the RBI's strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.