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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.<\/p>\n
\u201cThis is the fourteenth consecutive rate cut announced by the bank since July 2019,\u201d said the state-owned lender in a statement.<\/p>\n
Last week, the Reserve Bank of India<\/a> (RBI<\/a>) in its monetary policy kept the repo rate unchanged at 4%. After the announcement, lenders such as Canara bank<\/a>, HDFC Bank<\/a>, Indian Overseas Bank<\/a> (IOB), Bank of Maharashtra<\/a> and UCO Bank<\/a> have slashed their MCLR previously.<\/p>\n 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%.<\/p>\n<\/div>\n