Indian Bank to revise MCLR from January 3

Indian Bank on Monday said it would revise lending rates on marginal cost of funds from January 3.

"The bank has revised the marginal cost of funds-based lending rate with effect from January 3, 2020," the city- based bank said in a Bombay Stock Exchange (BSE) filing.

Accordingly, the revised MCLR would be 7.90 per cent as against the existing 7.95 per cent for overnight tenors.

For tenors of one month, the lending rates would be revised to 8.05 per cent from the current 8 per cent.

Lending rates for tenors of three months would be revised to 8.15 per cent from the current 8.20 per cent.

For six months tenor, the lending rates would be fixed at 8.20 per cent from January 3 as against 8.25 per cent.

Lending rates for tenors of one year would be revised to 8.30 per cent from the current 8.35 per cent, the bank said.

The bank shares ended at Rs 104.50 per share on the BSE.