State-run Bank of Baroda (BoB) announced on Sunday a 50 basis point cut in its benchmark lending rate linked to the repo rate, aligning with the Reserve Bank of India's recent policy rate reduction.
In a similar move, private sector lender HDFC Bank has lowered its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across all tenures. This reduction will benefit borrowers whose loans are tied to the MCLR benchmark.
BoB stated that following the RBI’s repo rate cut, it has reduced its Repo Linked Lending Rate (RLLR) by 50 basis points, effective June 7.