MUMBAI: Several banks revised their external benchmark lending rates after RBI cut repo rate by 25 basis points to 6% on Wednesday. Indian Bank said it will reduce its repo-linked benchmark lending rate (RBLR) to 8.7% from 9.05%, effective April 11. PNB has cut its repo-linked lending rate (RLLR) to 8.85% from 9.1%, effective April 10. Bank of India has revised its RBLR to 8.85% from 9.1%, with the change taking effect from April 9.
The monetary policy committee voted unanimously for a rate cut and to shift the policy stance to accommodative, with RBI stating that it would maintain surplus liquidity in the system. RBI requires banks to link all floating rate loans to an external benchmark. The repo rate cut is expected to reduce lending rates, but may compress banks’ net interest margins, since the cost of funds has not declined at the same pace.
BREAKING NEWS
- Desertion Requires Intent, Not Just Separation, Says Jharkhand High Court While Upholding Family Court’s Decision To Deny Divorce to Man
- Murder Caught On Camera: Agra Jeweller Yogesh Chaudhary Shot Dead During Daylight Robbery, Viral Video Surfaces
- WAVES 2025: First Ever White Paper on India’s Live Events Economy Unveiled, Highlights Trends, Growth and Future of Live Entertainment Industry
- PM Modi congratulates Albanese on historic re-election as Australian PM; calls for stronger India-Australia ties | India News
- Berkshire Hathaway (BRK.A) earnings Q1 2025
- South film industry is ‘little behind’ on OTT space, says Annapurna Studios’ Supriya Yarlagadda | Web Series
- Karnataka SSLC Exam 2 and 3 2025 Datesheet Released at kseab.karnataka.gov.in: KSEAB Releases Timetable for SSLC Exam 2 and 3, Check Full Schedule Here
- Mahira Khan’s Poster Pasted On Mumbai Public Toilet Walls After Pahalgam Attack | People News
- A digestive ‘treasure chest’ shows promise for targeted drug treatment in the gut
- Assam CM Himanta Biswa Sarma Denies Claims Of Bangladeshi Student At IIT Guwahati