Indian Overseas Bank has reduced the loan rate linked to the bank’s repo in 25 BP with immediate effect, the bank said on Saturday. | Photo credit: Raghunathan SR
The Indian Overseas Bank public sector has reduced the loan rate linked to the bank’s repository at 25 basic points with immediate effect, the bank said on Saturday.
Recently, the Bank of the Reserve of India at its last meeting of the Monetary Policy Committee decided to reduce the policy repo rate from 6.25 percent to 6 percent.
The decision to reduce Banco Apex rates is produced in imminent uncertainties after the announcement of last week of 27 percent of tariffs on Indian imports to the United States by President Donald Trump.
Consequently, the Asset Responsibility Management Committee at its meeting held on April 11 has decided to transmit the reduction of the rate to customers by reducing the loan rate linked to the bank’s repo by 25 basic points of 9.10 percent to 8.85 percent with effect from April 12, 2025, the press bank based in a press release said on Saturday.
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Posted on April 12, 2025