In a move to stimulate credit growth and bolster the economy, Bank of Baroda and HDFC Bank have reduced their lending rates following the Reserve Bank of India’s unexpected 50 basis points cut in the policy repo rate. The state-run Bank of Baroda has slashed its Repo Linked Lending Rate (RLLR) by 50 basis points, fully mirroring the central bank’s rate cut. Private sector lender HDFC Bank has lowered its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across tenures.