• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 114
    BJP 109
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 67
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Bank of India cuts MCLR by 10 bps

By: | Published: September 8, 2017 3:17 AM

State-owned Bank of India on Thursday slashed its one-year marginal cost of funds-based lending rate by 10 basis points (bps) to 8.3%.

Bank of India, Bank of India news, Bank of India latest news, Bank of India mclr, Bank of India mclr cut, rbi, reserve bank of indiaOn Wednesday, IDBI Bank had reduced by 10 basis points to 8.55%, saying that the reduction in MCLR was expected to positively impact loan growth, thereby supporting the growth impulses in the economy. (Image: Reuters)

State-owned Bank of India on Thursday slashed its one-year marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) to 8.3%. The bank also slashed MCLRs for some other tenors by 5-10 bps and said the new rates will come into effect on Sunday.

On Wednesday, IDBI Bank had reduced by 10 basis points (bps) to 8.55%, saying that the reduction in MCLR was expected to positively impact loan growth, thereby supporting the growth impulses in the economy. Last week, Dena Bank had reduced its one-year MCLRs by 15 bps. Other public sector lenders have also cut their lending rates recently. Punjab National Bank (PNB) and Union Bank of India had lowered their MCLRs.

The one-year MCLR at PNB now stands at 8.15%, down from 8.35% earlier. Union Bank had reduced its one-year MCLR by 20 bps to 8.2%. This series of cuts follows the Reserve Bank of India’s (RBI) decision to lower the repo rate by 25 bps to 6% at its August policy.

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