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ICICI Bank cuts lending rate by 0.05%

ICICI Bank cuts lending rate by 0.05%
03 June 2016 Current Affairs: Country's largest private sector lender ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by 0.05 per cent, to take it at par with the rates offered by SBI and HDFC Bank .This will help reduce the rate of interest to new borrowers . 

Under the new rate structure effective today, the bank will give out overnight loans to new borrowers at 8.95 per cent, while the one-year MCLR , to which its housing loans are linked, now comes down to 9.15 per cent. 

Changes have also been effected in the one-month, three-month and six-month MCLR, a table on the bank's website showed. 

RBI introduced the MCLR system from April 1 this year for faster transmission of its policy actions by the lenders. Banks are given the leeway to review their MCLR once a month. 

The overnight MCLRs of banks are lower by over 0.30 per cent from their base rate, from where they have migrated to the new system. 


December 2016 Current affairs
9 DEC
NEWS
8 DEC
NEWS
7 DEC
NEWS
6 DEC
NEWS
5 DEC
NEWS
3 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
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26 NOV
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25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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