Indian Bank Cuts Lending Rate
State-owned Indian Bank on Wednesday announced a cut in its marginal cost of fund-based lending rate (MCLR) by 30 basis points across various tenors in line with market competition. The new interest rates will be effective from May 3. The bank has reduced its one-year MCLR by 30 basis points to 7.80 per cent from existing 8.10 per cent earlier. The rate cut is in line with easing of interest rate in the market following moderation in interest rates by the RBI last month. The RBI reduced benchmark repo rate by 75 basis points to 4.40 percent in the bi-monthly Monetary Policy Committee meeting on March 27. The step was part of RBI's action plan to ease the economic burden of the coronavirus outbreak.
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