EMIs on some loans will come down; but fixed deposits may suffer
As the Reserve Bank of India (RBI) cut the repo rate by 25 basis points (bps) to 7.25%, in its second bi-monthly review of the monetary policy for the financial year on 2 June, some banks followed by reducing their base rates. State Bank of India (SBI) reduced its base rate to 9.7% from 9.85%. Allahabad Bank has reduced it from 10.25% to 9.95%. Dena Bank also cut by 25 bps to 10%. These changes will be effective from 8 June. Punjab and Sind Bank, too, cut its base rate by 25 bps from 10.25% to 10%, effective 3 June. One basis point is one-hundredth of a percentage point.
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