Indian Bank makes upward revision in MCLR and TBLR; stock slips ~1.5%

2 Jun 2022 , 12:32 PM

Indian Bank informed that the Asset Liability Management Committee (ALCO) of the Bank has reviewed the Marginal Cost of funds based Lending Rate (MCLR) and Treasury Bills Linked Lending Rates (TBLR) and decided on an upward revision in MCLR and TBLR across various Tenors.

Bank has revised MCLR for overnight tenor has been revised from existing 6.60% as against earlier 6.45%. 1-month and 1-year tenor MCLR have been revised by 10 basis points to 6.80% and 7.40% respectively.

It further revised 3-month tenor rates from 6.85% to 7.00%. Bank’s 6-month tenor rate has been revised from 7.00% to 7.25%.

TBLR for upto 3-month tenor has been revised from 3.90% to 4.60%. Rates for 3 to 6 months tenor has been revised to 5.10% as against the existing 4.30%.

Bank has revised TBLR for 6-month to 1 year has been revised from 4.65% to 5.55%. 1 to 3-year tenor has been revised from 4.65% to 5.55%.
The said revised MCLR and TBLR of the Bank shall be effective from June 3, 2022, till the next review.

Indian Bank is currently trading at Rs168.15 down by Rs1.6 or 0.94% from its previous closing of Rs169.75 on the BSE. The scrip touched intraday high and low of Rs171.50 and Rs166.80 respectively.