Allahabad Bank to cut MCLR by 10 basis pointshttps://indianexpress.com/article/business/banking-and-finance/allahabad-bank-to-cut-mclr-by-10-basis-points-5603972/

Allahabad Bank to cut MCLR by 10 basis points

Allahabad Bank on Wednesday said it will cut marginal cost of funds-based lending rates (MCLR) by 10 basis points for all the tenures up to three years with effect from March 1.

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Allahabad Bank on Wednesday said it will cut marginal cost of funds-based lending rates (MCLR) by 10 basis points for all the tenures up to three years with effect from March 1.

A day after the Reserve Bank of India removed it from the list of lenders placed under the Prompt Corrective Action (PCA) framework, Allahabad Bank on Wednesday said it will cut marginal cost of funds-based lending rates (MCLR) by 10 basis points for all the tenures up to three years with effect from March 1.

“The Asset Liability Management Committee (ALCO) of the bank has reviewed the existing marginal cost of funds based lending rates (MCLRs) and decided for a downward revision of MCLR by 10 basis points (bps) for all the tenors,” the bank said in a stock exchange filing.

For all the tenures: overnight, one month, three months, six months, one year, two years and three years, the bank has cut the MCLR by 0.10 per cent each to 8.15 per cent, 8.25 per cent, 8.45 per cent, 8.50 per cent, 8.65 per cent, 8.85 per cent and 8.95 per cent, according to the filing. —FE