Indian Bank revises MCLR rates; stock trades lower

3 Feb 2022 , 02:58 PM

Indian Bank Ltd. has informed the exchanges the Asset Liability Management Committee (ALCO) of the Bank has reviewed the existing Marginal Cost of Funds Based Lending Rates (MCLRs) and decided for a downward revision of the MCLR by 0.05% i.e. 05 bps for three months and six months tenors, effective from 03.02.2022.

So, MCLR for overnight, 1 month, and 1-year duration remains the same at the existing 6.45%, 6.70%, and 7.30% respectively. However, due to the revision implemented by ALCO, MCLR for the six-month tenor will be 7.00% now against the previous 7.05%. While MCLR for 3-month tenor will be 6.85% after reducing 0.05% from the existing 6.90%.

Indian Bank’s is currently trading at Rs167.90 down by Rs0.4 or 0.24% from its previous closing of Rs168.30 on the BSE. The scrip opened at Rs168.35 and has touched a high and low of Rs171.85 and Rs165.55 respectively.