 "Bank of India, UCO Bank cut lending rate in line with RBI's policy")
Bank of India and UCO Bank have announced 25 basis points reduction lending rate within hours of RBI's decision to slash its policy rate on Wednesday, a move which will help existing and new borrowers.
Other banks are also are expected to make similar announcements soon.
Both public sector banks, in separate regulatory filings, said the rate revision has been done following the RBI's reduction in the short-term lending rate (repo rate) earlier in the day.
Bank of India's new Repo Based Lending Rate (RBLR) stands at 8.85 per cent compared to 9.10 per cent earlier.
The new rate would be effective from Wednesday, Bank of India said in a regulatory filing.
UCO Bank said it has brought down repo linked rate to 8.8 per cent, effective Thursday.
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