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
- Mission: Impossible – the Final Reckoning: Tom Cruise Reveals He Wore ‘125 Pound’ Diving Suit for Underwater Sequence in Film on ‘The Tonight Show’
- India’s Mumbai-Ahmedabad Bullet Train Project Hits Significant Milestone With Completion of 300 KM of Viaducts (See Pics)
- Home Depot checks the most important boxes despite earnings miss
- Kiran Rao Joins The Jury Of 27th Shanghai International Film Festival | People News
- Remotely controlled robots at your fingertips: Enhancing safety in industrial sites
- Operation Sindoor: Golden Temple Additional Head Priest Says ‘No Permission Given to Indian Army To Deploy Air Defence Guns’ To Counter Potential Drone and Missile Threats From Pakistan
- The unsung women of quantum physics get their due
- ‘Gown Tore Because My Car Came To Abrupt Halt To Save 70-Year-Old Woman’
- Will Ladki Bahin Yojana Get Scrapped? Maharashtra Deputy CM Eknath Shinde Responds
- May 20, 2025 Special Days: Which Day Is Today? Know Holidays, Festivals, Events, Birthdays, Birth and Death Anniversaries Falling on Today’s Calendar Date