RBI Rate Cut: The Reserve Bank of India on Wednesday cut the repo rate by 25 basis points. With this, the repo rate has now come down to 6 percent. Due to this, many banks have also reduced their lending rates, that is, the interest rate on which the bank gives loans or lending. In such a situation, EMI will also be reduced on car, home or personal loan. Let us see which big public sector banks have taken the decision to reduce the interest rate.

Bank of Baroda

After the repo rate has been reduced, the Overnight Marginal Cost of Funds-based Lending Rate (MCLR) of Bank of Baroda has become 8.15 % overnight. While one year MCLR has come on 9 percent. The bank announced the interest rate cuts for retail and micro, small and medium enterprises (MSME) on Thursday. MCLR means the minimum interest rate on which the bank gives you a loan. The objective of this step is to provide loans to individuals and businesses at a cheap rate so that financial development can also be supported as well as financial inclusion.

Indian bank

Chennai-based Indian Bank has announced a cut of 35 basis points in its repo-linked interest (RPLR). With this, it will be reduced to 8.70 percent. These are coming into effect from April 11.

Punjab national bank

Punjab National Bank (PNB) has also given its repo-linked interest (RPLR) from 9.10 percent to 8.85 percent.

Uco bank

UCO Bank has also reduced its repo-linked interest (RPLR) to 8.8 percent, which will be effective from April 10, 2025.

Bank of india

Bank of India has a new RPLR 8.85 percent, which was earlier 9.10 percent. The bank has informed about its effective from Wednesday.

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RBI reduced the repo rate amidst the fear of tariffs, EMI from car to home, know what and what effect