MUMBAI: South-based CSB Bank on Wednesday announced a reduction of up to 0.90 per cent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 per cent from 4.40 per cent in line with the RBI’s rate cuts.

The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 per cent to 9.50 per cent, it said in a filing to the exchanges.

The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic.

CSB Bank cut its overnight MCLR by 0.90 per cent to 8.20 per cent, but left the one-year MCLR unchanged at 9.50 per cent.

Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR.

It also cut the one-month MCLR by 0.80 per cent, three-month MCLR by 0.70 per cent and six-month MCLR by 0.50 per cent.

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