Business

PNB, Bank of India, and UCO Bank Decrease Lending Rates Following RBI Repo Rate Cut

Published

9 months ago

June 9, 2025

A number of prominent banks, such as Punjab National Bank (PNB), Bank of India, and UCO Bank, have reduced their lending rates following the Reserve Bank of India’s (RBI) recent announcement of a 50-basis point cut in the repo rate. This rate reduction is a strategic move by the RBI aimed at stimulating economic growth by making borrowing more accessible for consumers and businesses.

Punjab National Bank acted quickly, reducing its repo-linked lending rate from 8.85% to 8.35%. However, the bank has chosen to keep its base rate and marginal cost of lending rate (MCLR) unchanged. Following suit, Bank of India also cut its repo-linked lending rate to 8.35%, down from 8.85%, as reported in its stock exchange filing.

UCO Bank opted for a different approach, decreasing its MCLR by 10 basis points across all loan tenures, which will take effect from June 10. This adjustment will render various loan types, including home and personal loans, more affordable. Specifically, the bank reduced its overnight MCLR from 8.25% to 8.15%, the one-month MCLR from 8.45% to 8.35%, and the three-month MCLR from 8.6% to 8.5%. The six-month and one-year MCLRs have been lowered to 8.8% and 9%, respectively.

Additionally, Bank of Baroda announced a 50-basis point reduction in its repo-linked lending rates for select loan tenures, contributing to the trend of banks easing borrowing costs. These adjustments come as the RBI, led by Governor Sanjay Malhotra, aims to boost the economy through increased spending and investment driven by lower loan rates.

Alongside the repo rate cut, the RBI has also lowered the Cash Reserve Ratio (CRR) from 4% to 3%. This change, which will be implemented in four phases, is projected to inject ₹2.5 lakh crore of liquidity into the banking system. The CRR represents the portion of bank deposits that must be maintained with the RBI, and reducing it allows banks to extend more credit.

Business

Key Rules for Transferring Inherited Property

Published

3 weeks ago

February 15, 2026

Namma Kudla

Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.

Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.

If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.

Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.

Business

Does Bank Open Or close on February 14 in India?

Published

3 weeks ago

February 13, 2026

Namma Kudla

New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.

Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.

In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.

Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.

Business

India May Buy More Oil From Venezuela Instead of Russia

Published

1 month ago

January 31, 2026

Namma Kudla

Business : The United States has told India that it can soon resume buying oil from Venezuela.The suggestion is part of a U.S. effort to reduce India’s dependence on Russian crude oil.

This pitch comes as India plans to cut Russian oil imports by several hundred thousand barrels per day in the coming months. Under the Trump administration, the United States had imposed a 25 % tariff on countries that bought Venezuelan oil, including India.

Now, the U.S. wants India to resume Venezuelan oil purchases to help diversify India’s energy sources. The United States is also trying to reshape energy ties with India as part of broader diplomatic engagement.

Venezuela’s interim president Delcy Rodríguez said she agreed with India on energy cooperation in a recent phone call with Prime Minister Narendra Modi. PM Modi said both sides agreed to deepen their partnership and expand cooperation in all areas.

Venezuela has the world’s largest proven oil reserves. Recently, Venezuela opened its oil sector to private investment to attract foreign capital and boost production.

India was one of the major buyers of Russian crude after the Ukraine war began in 2022. But India is now seeking alternative suppliers as part of its energy strategy.