Business News | Bank of Baroda Reduces Repo-linked Interest Rates Following RBI Footstep
Get latest articles and stories on Business at LatestLY. Bank of Baroda (Bank), one of India's leading public sector banks, has announced the reduction in its Repo Linked Lending Rate by 50 basis points following the policy rate cut announced by the Reserve Bank of India.
New Delhi [India], June 8 (ANI): Bank of Baroda (Bank), one of India's leading public sector banks, has announced the reduction in its Repo Linked Lending Rate by 50 basis points following the policy rate cut announced by the Reserve Bank of India.
This move will make borrowing cheaper, which can encourage more people to take loans for homes, cars, or businesses.
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The revised rates came into effect from June 7, the public sector bank said in a statement. With this the Bank's Repo Linked Lending Rate now stands at 8.15 per cent. Several banks have reduced the interest rates as per the publically available information.
The move came after the Monetary Policy Committee of Reserve Bank of India on Friday announced to reduce the policy interest rate by 50 basis point, to 5.5 per cent.
Speaking after the MPC decision, RBI Governor Sanjay Malhotra mentioned that the reason for repo cut is that the inflation softened, near-term and medium-term alignment is within RBI range, and food inflation remains soft.
Consequently, the Standing Deposit Facility Rate, which is the SDF Rate, shall stand adjusted to 5.25 per cent, and the Marginal Standing Facility MSF Rate and the Bank Rate shall stand adjusted to 5.75 per cent.
Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97 per cent stake, it is majorly owned by the Government of India.
The Bank serves its global customer base of over 165 million through around 60,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner.
The Bank's vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)