Business

Indian Bank cuts lending rates

Public sector lender Indian Bank has slashed the marginal cost of funds-based lending rates (MCLRs) by 30 basis points. The new rates will come into force from June 3 onwards, the bank said in a statement.

With this cut, one-year MCLR of Indian Bank will be 7.50%. The bank reduced the overnight tenor from 7.50% to 7.20%, for one month it will drop from 7.55% to 7.25%, three months from 7.70% to 7.40% and six months to 7.45%.

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Printable version | Jul 2, 2020 12:44:43 PM | https://www.thehindu.com/business/indian-bank-cuts-lending-rates/article31712098.ece

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