Indian Overseas Bank cuts repo-linked lending rate by 25 bps

Indian Overseas Bank has decided to reduce its repo-linked lending rate (RLLR) by 25 basis points from 9.10% to 8.85% effective April 12.

This follows the Reserve Bank of India’s monetary policy committee reducing the policy repo rate from 6.25% to 6% earlier this week. The asset liability management committee of Indian Overseas Bank on Friday decided to pass on the rate cut to the customers by reducing RLLR, the Chennai-headquartered bank said.