Allahabad Bank to cut its MCLR rates by 10-15 bps effective today
DSIJ Intelligence / 12 Jun 2017
Allahabad Bank will be cutting its marginal cost of funds-based lending rates (MCLR) by 10-15 basis points, effective today, according to a leading national news agency.
The bank’s lending rates will be in the range of 8.00-8.50% after the cut becomes effective.
The Reserve Bank of India, according to its new guidelines has instructed banks to update on a monthly basis, the new lending rates as per the marginal cost of funds.
The marginal cost of funds-based lending rates for Allahabad Bank for various tenures is as follows:
TENURE REVISED LOAN RATE PREVIOUS LOAN RATE
Overnight 8.00% 8.15%
One month 8.10% 8.25%
Three months 8.30% 8.45%
Six months 8.40% 8.55%
One year 8.50% 8.60%
Allahabad Bank is trading down by more than 1 per cent on Monday.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.