Bank of India cuts lending rate after RBI's repo rate reduction

The Bank of India (BOI) on Friday reduced its repo-based lending rate (RBLR) by 50 basis points, bringing it down from 8.85 per cent to 8.35 per cent. This move follows the Reserve Bank of India's (RBI) decision to cut the repo rate by 50 basis points, lowering it from 6 per cent to 5.5 per cent.