Axis Bank cuts rate by up to 70 bps

The new rates are effective from January 18

The country’s third biggest private sector lender Axis Bank on Friday cut its interest offering by up to 0.70 per cent, following similar moves by all the major players in the system due to high liquidity after demonetisation.

The Shikha Sharma-led bank cut its marginal cost of funds based lending rate (MCLR) for one year — which serves as the benchmark for a slew of loans including home loans — by 0.65 per cent to 8.25 per cent, it said in a statement.

The new rates, decided by the bank’s asset liability committee which met Friday, are effective from January 18.

“We have