UCO Bank and Karur Vysya Bank Ltd. on Wednesday reduced its repo-based lending rate or RBLR by 25 basis points and 30 basis points respectively after the Reserve Bank of India cut its repo rate.
UCO Bank bought down its RBLR to 8.8% while Karur Vysya Bank slashed
its repo rate to 9.30% from 9.60%, according to a regulatory filing.
The revised repo rate for both the lenders will be effective from April 10.
Shares of UCO Bank and Karur Vysya Bank closed 0.69% and 3.24% lower at Rs 28.69 apiece and Rs 203.92 per share on the National Stock Exchange respectively, compared to a 0.61% decline in the benchmark Nifty.
On Wednesday, Bank of India also reduced its repo-based lending rate to 8.85% compared to 9.10% earlier.
RBI Governor Sanjay Malhotra slashed the benchmark repo rate by 25 basis points and changed its stance from neutral to accommodative.
(With PTI Inputs)
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