Earlier on Friday, the RBI cut interest rates by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy.

HDFC Bank has lowered its benchmark lending rates by 10 basis points across all loan tenures, effective June 7, following the Reserve Bank of India's

The repo rate cut means the loan interest must also fall if it's repo-linked. The repo rate is the interest rate at which the RBI lends money to commercial banks. A reduction in t