Axis Bank cuts MCLR by up to 70 bps

Axis Bank  cut its interest offering by up to 0.70 per cent, following similar moves by all the major players in the system due to high liquidity post demonetisation. The Shikha Sharma-led bank cut its marginal cost of funds based lending rate (MCLR) for one year tenure-- which serves as the benchmark for a slew of loans including home loans--by 0.65 per cent to 8.25 per cent, it said in a statement. The new rates, decided by the bank's asset liability committee which met today, are effective from January 18. "We have passed the entire benefit accruing from a surge in the current and savings account and a drop in deposit rates to the borrowers," its head of treasury Shashikant Rathi said.