The Reserve Bank of India cut its key repo rate by a larger-than-expected 50 basis points and slashed the reserve ratio for banks as low inflation gave policymakers room to focus on supporting growth.

Mumbai, June 8 (IANS): Several major banks, including Punjab National Bank (PNB), Bank of India and UCO Bank, have slashed their lending rates following the Reserve Bank of India's (RBI) recent decision to cut the repo rate by 50 basis points.

India’s central bank surprised markets with a jumbo rate cut, seizing on cooling inflation to frontload monetary easing and bolster economic growth amid heightened global uncertainty.