Bank of Baroda, HDFC Cut Lending Rates by Up to 50 bps
NEW DELHI: On Sunday, state-owned Bank of Baroda (BoB) announced a reduction of its benchmark lending rate linked to the repo rate by 50 basis points, aligning with the Reserve Bank of India’s (RBI) recent rate cut. Meanwhile, private sector lender HDFC Bank lowered its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across various tenures, which will be advantageous for borrowers linked to this benchmark. Following the RBI’s policy repo rate cut, BoB has reduced its Repo Linked Lending Rate (RLLR) by 50 basis points effective June 7, now standing at 8.15 percent. This adjustment reflects…