Chennai: 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.
Loans to get cheaper as RBI cuts repo rateThe 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.
Accordingly, the Asset Liability Management Committee in its meeting held on April 11 has decided to pass on the rate cut to the customers by reducing the Repo Linked Lending Rate of the Bank by 25 basis points from 9.10 per cent to 8.85 per cent with effect from April 12, 2025, the city-headquartered bank said in a press release on Saturday.