UCO Bank Reduces Lending Rate

State-run Uco Bank said it has reduced its lending rate linked to the Reserve Bank of India's (RBI) repo rate by 40 basis points. "We have slashed the repo based lending rate - UCO Float by 0.40 per cent to 6.90 per cent from 7.30 per cent, effective from May 27," the bank stated. This reduction will make loans cheaper for the bank's retail and MSME borrowers, it said. The cut in repo rate linked lending rates comes after RBI, last week, had reduced repo rate by 40 basis points to 4 per cent from 4.40 per cent.