• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

PNB, Bank Of India, UCO Bank Slash Lending Rates After RBI Repo Cut

OMMCOM NEWS by OMMCOM NEWS
June 8, 2025
in Business
PNB

Mumbai: Several major banks, including Punjab National Bank (PNB), Bank of India and UCO Bank, have slashed their lending rates following the Reserve Bank of India’s (RBI) recent decision to cut the repo rate by 50 basis points.

The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.

Punjab National Bank was among the first to pass on the benefit, lowering its repo-linked lending rate from 8.85 per cent to 8.35 per cent.

However, the bank kept its base rate and marginal cost of lending rate (MCLR) unchanged.

Bank of India followed with a similar reduction, cutting its repo-based lending rate from 8.85 per cent to 8.35 per cent, as per its stock exchange filing.

UCO Bank took a different route, trimming its MCLR by 10 basis points across all loan tenures. The changes, effective from June 10, will make various types of loans — including home and personal loans — slightly more affordable.

The bank reduced its overnight MCLR from 8.25 per cent to 8.15 per cent, the one-month MCLR from 8.45 per cent to 8.35 per cent, and the three-month MCLR from 8.6 per cent to 8.5 per cent.

The six-month and one-year MCLRs were lowered to 8.8 per cent and 9 per cent, respectively.

Bank of Baroda also announced a 50 basis point reduction in its repo-linked lending rates for select loan tenures, adding to the list of banks easing borrowing costs.

These rate cuts come in response to the RBI’s move, announced by the Monetary Policy Committee led by Governor Sanjay Malhotra, to lower the repo rate — a key policy rate at which the RBI lends money to commercial banks.

The objective behind the rate cut is to energise the economy by encouraging spending and investment through cheaper loans.

In addition to the repo rate cut, the RBI also reduced the Cash Reserve Ratio (CRR) by 100 basis points, from 4 per cent to 3 per cent.

This reduction will be rolled out in four phases and is expected to inject Rs 2.5 lakh crore of liquidity into the banking system.

The CRR is the portion of bank deposits that must be maintained with the RBI, and lowering it allows banks to lend more.

(IANS)

Tags: Bank of IndiaMumbaiPNBuco bank
ShareTweetSendSharePinShareSend
Previous Post

Stampede Case: Despite Police’s ‘Warning’ Letter, Karnataka Govt Held RCB Felicitation Event

Next Post

Inflation Data, US Tariffs And Global Economic Factors To Drive Market Direction Next Week

Related Posts

Business

Sri Lanka’s Unpredictable Policies Driving Away Foreign Investors, Says US State Dept Report

September 30, 2025
Business

SEBI Imposes Rs 2 Lakh Penalty On Swan Corp Executive For Insider Trading Violations

September 30, 2025
Business

India-EFTA Trade Pact Aims $100 Billion Investment, 1 Million Direct Jobs From Oct 1

September 30, 2025
Business

RBI MPC Meet: Expect Next Rate Cut In December, Says Goldman Sachs’ Analyst

September 30, 2025
Business

India’s Fiscal Deficit In April-August Stands At 38.1 Per Cent Of Full-Year Target

September 30, 2025
Business

India Inc. Credit Ratio Rose To 2.56 Times In H1FY26: Report

September 30, 2025
Next Post
Indian stock markets

Inflation Data, US Tariffs And Global Economic Factors To Drive Market Direction Next Week

FM Nirmala Sitharaman

Women Are Now Key Drivers Of Progress In India: FM Nirmala Sitharaman

Janata Dal United

JD-U Slams Rahul Gandhi Over ‘Crime Capital’ Remark, Says 'People Of Bihar Will See Through His Old Tactics'

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.