PNB, Bank of India, UCO Bank slash lending rates after RBI repo cut
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
With the reduction in rates, ICICI Bank's one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent.
One-year MCLR, to which majority of the consumer loans are tied, now stands at 7.40 per cent against 7.60 per cent earlier.
This is the 14th consecutive reduction in the bank's MCLR, which continues to be the lowest in the market.
The move comes after the country’s largest lender SBI slashed its MCLR by 25bps.
The move comes amid similar steps taken by the peers after two rate cuts by the Reserve Bank of India (RBI) in order to help the economic growth.
The bank also slashed its interest rates on retail term deposits by 20 basis points for 'up to 3 Years' tenor, effective from May 12.
The move came a day after the Reserve Bank of India’s monetary policy committee (MPC) kept repo rate unchanged at 5.15 percent.
SBI has also decided to cut in the retail fixed deposits or FD rates. The reduction in MCLR and FD rates will come into effect from February 10.
One year MCLR now stands at 8.10%, down from 8.20%.
