Indian Overseas Bank reduces Repo Linked Lending Rate by 25 basis points

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 decided to reduce the Policy Repo Rate from 6.25 percent to 6 percent in its latest Monetary Policy Committee meeting.

The apex bank's decision to slash rates comes amid looming uncertainties after President Donald Trump announced 27 percent tariffs on Indian imports to the US last week.

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.