Four public sector banks cut lending rates after RBI move
[ad_1] MUMBAI: Banks led by public sector lenders have started revising their lending rates following the RBI's 50 basis point repo rate cut. However, for a change, old borrowers may benefit more than new ones, as banks are likely to tweak the spreads on home loans, which were already competitive in the quest for market share.Bank of Baroda has reduced its repo-linked lending rate (RLLR) by 50 basis points with effect from June 7. The bank's RLLR now stands at 8.15%. Punjab National Bank has cut its RLLR by 50 basis points to 8.35%, effective June 9, while keeping its MCLR unchanged. Bank of India has also reduced its Repo-Based Lending Rate by 50 bps to 8.35% from June 6.UCO Bank trimmed both its MCLR and RLLR. The bank cut its RLLR by 50 bps to 8.30% from June 9 […]