Bank of Baroda Lowers Lending Rates: RBI Policy Cut Spurs Affordable Borrowing

In a significant move, Bank of Baroda has cut its Repo Linked Lending Rate by 50 basis points, a decision that is poised to make borrowing more economical for customers seeking loans for homes, automobiles, and businesses. This follows the Reserve Bank of India's recent policy rate reduction.

Effective from June 7, the revised Repo Linked Lending Rate at Bank of Baroda now stands at 8.15 percent, reflecting wider trends among several banks post the RBI's Monetary Policy Committee's announcement. The policy interest rate now rests at 5.5 percent, impacting various financial metrics.

RBI Governor Sanjay Malhotra attributed the rate cut to softened inflation levels and stable food prices, aligning near-term and medium-term economic expectations within the central bank's target range. Consequently, adjustments were also announced for the SDF Rate to 5.25 percent and the MSF Rate to 5.75 percent.

Established on July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda ranks among India's foremost commercial banks. With a 63.97 percent government stake, it serves over 165 million customers worldwide through an expansive network of 60,000 touchpoints across 17 countries.

The bank continues to uphold its commitment to customer trust and security, seeking to align its services with the diverse needs of its global clientele.

(With inputs from agencies.)