New Delhi, June 8 -- Bank of Baroda (Bank), one of India's leading public sector banks, has announced the reduction in its Repo Linked Lending Rate by 50 basis points following the policy rate cut announced by the Reserve Bank of India.

This move will make borrowing cheaper, which can encourage more people to take loans for homes, cars, or businesses.

The revised rates came into effect from June 7, the public sector bank said in a statement. With this the Bank's Repo Linked Lending Rate now stands at 8.15 per cent.

Several banks have reduced the interest rates as per the publically available information.

The move came after the Monetary Policy Committee of Reserve Bank of India on Friday announced to reduce the policy interest rate by...