New Delhi, April 9 -- After RBI's decision to cut its repo rate on Wednesday, two state-run lenders - Bank of India and UCO Bank - announced 25 basis points reduction in lending rates.

The move is likely to benefit existing and new borrowers.

Other lenders are also expected to slash lending rates soon.

In separate regulatory filings, Bank of India and UCO Bank said that the rate revision has been done following the RBI's reduction in the short-term lending rate (repo rate) earlier in the day.

Bank of India said its new Repo Based Lending Rate (RBLR) now stands at 8.85 per cent as compared to 9.10 per cent earlier. The new rate would be effective from Wednesday.

UCO Bank slashed its repo linked rate to 8.8 per cent, effective Thursday...