Two public sector lenders including Oriental Bank of Commerce (OBC) on Friday reduced lending rate by up to 0.15 per cent across various maturities a few days after 0.25 per cent repo rate cut by RBI. The OBC has reduced marginal cost of funds based lending rate (MCLR) by up to 0.15 per cent, OBC said in a statement. Also, the 6 months lending rate has been reduced by 0.10 per cent to 9.30 per cent, it said.
The new rates would be effective from October 10, it added. Another lender, United Bank of India, has reduced MCLR rate by 0.05 per cent across all tenures with effect from October 17. Now one-year tenure loan would be available at 9.40 per cent as against 9.45 per cent, it said.
At the same time, 6 month loans would be cheaper at 9.35 per cent as compared to 9.40 per cent, it added. On Tuesday, RBI lowered the repo rate or the rate at which it lends to banks by 0.25 per cent.
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The 6-member Monetary Policy Committee, which has three members nominated by the government and the rest from the Reserve Bank, lowered repo rate to 6.25 per cent from 6.50 per cent.