Banks that Reduced Interest Rates: Reserve Bank of India (RBI) has cut interest rates on 9 April.
After this, 4 big public sector banks of the country have also cut the interest rate. This will also reduce the existing EMI. These 4 public sector banks have announced to cut the borrowing rates by up to 0.25 percent.
The interest rate cut banks include Punjab National Bank, Bank of India, Indian Bank and UCO Bank.
This decision of banks will benefit both their existing and new borrowers. A similar announcement is expected from other banks soon.
These public sector banks said in separate information to the stock markets that the loan rate has been amended after the Reserve Bank of India (RBI) cut the short-term loan rate (repo).
Chennai-based Indian Bank said its repo-confined standard borrowing rate (RBLR) would be reduced by 35 basis points to 8.70 percent from April 11. Meanwhile, Punjab National Bank (PNB) has revised RBLR from 9.10 percent to 8.85 percent from Thursday.
Bank of India has a new RBLR 8.85 percent, while earlier it was 9.10 percent. Bank of India said that the new rate has become effective from Wednesday. UCO Bank said it has reduced the borrowing rate to 8.8 percent, which became effective from Thursday.
