April 9, 2025 9:57 PM

Bank of India, UCO Bank cut lending rates after RBI repo rate slash

Hours after the Reserve Bank of India (RBI) announced a 25 basis point cut in the repo rate, two major public sector banks — Bank of India and UCO Bank — on Wednesday reduced their lending rates, bringing relief to both existing and new borrowers. The RBI’s Monetary Policy Committee (MPC), led by Governor Sanjay Malhotra, lowered the key policy rate from 6.25 per cent to 6 per cent earlier in the day. This marks the second consecutive rate cut under Malhotra’s leadership and is aimed a...