Bank of Baroda, HDFC Bank reduce lending rate by up to 50 bps, 10 bps
NEW DELHI: State-owned Bank of Baroda (BoB) on Sunday said it has cut its benchmark lending rate linked to repo rate by 50 basis points in line with the RBI’s rate reduction. Meanwhile, private sector HDFC Bank reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across tenure, which will benefit borrowers whose loans are linked to this benchmark. Pursuant to the Reserve Bank of India (RBI) reducing the policy repo rate, the bank has slashed its Repo Linked Lending Rate (RLLR) by 50 basis points with effect from June 7, BoB said in a statement.…