The revised lending rate of the bank is at 6.80%-7.25%. Its overnight rate has been cut by 5pbs to 6.80% from 6.85% and the one year MCLR has been revised to 7.25%, down from 7.40%. Whereas its one-month, three-month and six-month MCLR has been reduced by 15 bps to 6.80%, 6.95% and 7.10%, respectively.
“This is the fourteenth consecutive rate cut announced by the bank since July 2019,” said the state-owned lender in a statement.
Last week, the Reserve Bank of India (RBI) in its monetary policy kept the repo rate unchanged at 4%. After the announcement, lenders such as Canara bank, HDFC Bank, Indian Overseas Bank (IOB), Bank of Maharashtra and UCO Bank have slashed their MCLR previously.
Canara Bank slashed its MCLR rates across all tenors by 7%-7.45%; HDFC Bank reduced its lending rates by 7%-7.55%; IOB cut its rates by 7.20%-7.65%; Bank of Maharashtra reduced its MCLR across selected sectors by up to 20 bps to 6.80%-7.40%.
