reduces its Marginal Cost of Funds based Lending Rates (MCLR) by 5-10bps across various tenors, with immediate effect. The bank has reduced its 1-year MCLR or the minimum lending rate to 8.95%, the bank said in a release.
The above-revised rates are applicable w.e.f. June 12, 2019.
The new overnight, one-month, six-month rates are 7.90%, 8.15% and 8.60% respectively. Also, for 1-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced.
On the other hand, Oriental Bank of Commerce on June 11 cut its 1-year MCLR by 5bps to 8.70%.
IDBI Bank Ltd ended at Rs36.40, down by Rs0.45 or 1.22% from its previous closing of Rs36.85 on the BSE. The scrip opened at Rs36.50 and touched a high and low of Rs36.75 and Rs36 respectively.