Following RBI, ICICI Bank lowers lending rate by 5 bps to 9.05 %
DSIJ Intelligence / 05 Oct 2016
In less than 24 hours of RBI’s repo rate cut, India’s largest private sector lender ICICI Bank has decided to reduce its MCLR (marginal cost based lending rate) by 5 basis points to 9.05 per cent.
In less than 24 hours of RBI’s repo rate cut, India’s largest private sector lender ICICI Bank has decided to reduce its MCLR (marginal cost based lending rate) by 5 basis points to 9.05 per cent.
The new rates announced were retrospective in nature i.e would be applicable from October 1, rather than prospectively to some future date. One-month MCLR will be 8.85 as against 8.90 per cent earlier, the bank said in its statement.
The one-year MCLR, which is used to compute the effective yearly rate in a slew of products including the home loans, will be 9.05 as against 9.10 per cent.
In the festive season all its customers can enjoy saving on interest outgo. This would lead other banks to follow suit in coming days, as transmission is necessary in order to revive the investment climate in the country, especially the private consumption.
Shares of ICICI Bank are trading flat with negative bias at Rs 257.10 on BSE.
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