Bank of Baroda cuts interest rates on loan. (Image PTI) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Hours after the RBI slashed key policy rate, state-owned Bank of Baroda on Friday announced an interest rate cut on loans linked to repo rate by 25 basis points, a development to be followed by other lenders.

Baroda Repo Based Lending Rate (BRLLR) to come down to 7.90% as against the existing 8.15%, Bank of Baroda said in a regulatory filing.

The new rate would be effective from Dec. 6, it said.

Another state-owned lender Indian Bank, earlier this week, trimmed the Marginal Cost of funds based Lending Rate (MCLR) by 5 basis points to 8.80% for a tenure of 1 year, effective from Dec. 3.

Earlier in the day, the Reserve Bank of India (RBI) cut key benchmark interest rat

See Full Page