Indian Overseas Bank slashes its one-year lending rate by 5 bps

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Following the Reserve Bank of India’s decision to reduce the repo rate by 25 bps to 6% in order to boost the growth of banks in the country, Indian Overseas Bank has reduced its marginal cost of funds-based lending rate (MCLR) for the one-year, two-year, and three-year loan tenures.  

Indian Overseas Bank slashes its one-year lending rate by 5 bps

For the one-year loans, Indian Overseas Bank has reduced the lending rate by 5 basis points to 8.65%, while the lending rate for two-year loans has been set to 8.75% and the three-year loans to 8.85%.  

Following the rate cut by the Central Bank of India, State Bank of India and Bank of Maharashtra have reduced their lending rates as well.  

Source: Business Standard 

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