Public sector lender United Bank of India (UBI) on Friday said it would reduce its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis points (bps) effective from October 17.
"The Asset Liability Management Committee of the bank at its meeting held earlier on date has reduced the bank's MCLR by 5 b.p. across all tenures with effect from October 17," the bank said in a stock exchange filing.
One year lending rate of the bank has been reduced to 9.40 per cent from 9.45 per cent, while the 6 months lending rate has been revised to 9.35 per cent, it said.
State-run Canara Bank, Indian Bank and private sector ICICI Bank and Kotak Mahindra Bank had also cut lending rates after repo rate cut by 25 basis points by the Reserve Bank of India on Tuesday.
--IANS
bdc/ask/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app