IOB reduces repo-linked lending rate by 25 basis points following MPC cuts

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IOB reduces repo-linked lending rate by 25 basis points following MPC cuts - Business Standard

Quick Summary:

Public sector Indian Overseas Bank has reduced the Repo Linked Lending Rate of the bank by 25 basis points with immediate effect, the bank said on Saturday.

Recently, the Reserve Bank of India in its latest Monetary Policy Committee meeting decided to reduce the Policy Repo Rate from 6.25 per cent to 6 per cent.

The decision to slash the rates by the apex bank comes amid looming uncertainties after last week's announcement of 27 per cent tariffs on Indian imports to the US by President Donald Trump.