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IDBI Bank reduced its MCLR by 5-10 basis points to 8.95 percent

Posted on:13 Jun 2019 13:02:39
IDBI Bank reduced its MCLR by 5-10 basis points to 8.95 percent
13 June 2019 Current Affairs: Life Insurance Corporation of India (LIC)-owned IDBI Bank reduced its Marginal Cost of funds based Lending Rate (MCLR) by 5-10 basis points to 8.95% across various tenors with immediate effect on June 12.
Against one-year MCLR most of the customer loans such as auto, personal and home loans are priced.

Other Banks:
The state-run Oriental Bank of Commerce (OBC) reduced its one year MCLR by 5 basis points to 8.70% on June 10.
Also, Bank of Maharashtra has reduced its MCLR for one-year tenor loan by 10 basis points to 8.60%.

MCLR:
The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank.
Life Insurance Corporation of India (LIC)-owned IDBI Bank reduced its Marginal Cost of funds based Lending Rate (MCLR) by 5-10 basis points to 8.95% across various tenors with immediate effect on June 12.
Against one-year MCLR most of the customer loans such as auto, personal and home loans are priced.

Other Banks:
The state-run Oriental Bank of Commerce (OBC) reduced its one year MCLR by 5 basis points to 8.70% on June 10.
Also, Bank of Maharashtra has reduced its MCLR for one-year tenor loan by 10 basis points to 8.60%.

MCLR:
The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank.

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