IDBI hikes interest rate on loans by 10 bps

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IDBI Bank, which is in the news following reports that LIC might purchase a majority state in the bank, yesterday increased its interest rates on loans by as much as 0.10 per cent. The new interest rates are effective today.

IDBI-Bank-MCLR
IDBI Bank made changes to its MCLR rates, with the rates for certain tenors increased by 0.10%.

While its 1-year MCLR has been increased to 8.75 per cent as against 8.65 per cent, its 6-month MCLR is up by 0.5 per cent, to 8.50 per cent.

The overnight MCLR, however, was cut to 7.95 per cent as against the previous 8 per cent.

Tenor MCLR (%)
Overnight 7.95
1-month 8.20
3-month 8.35
6-month 8.50
1-year 8.75
2-year 8.80
3-year 8.80

 

IDBI Bank also increased its base rate by 10 bps, with the new base rate being 9.60 per cent.

The bank, which is reported to receive an investment from LIC also saw its share price increase to a 2-week high yesterday, as reported by CNBCTV18. Shares of the bank traded at Rs.56.50 @10:22 a.m. yesterday. Overall stock prices of the bank, have however reduced by 11 per cent in 2018.

Sources: Times of India, CNBCTV18

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