Private sector DCB Bank on Tuesday said it has cut marginal cost of fund based lending rate (MCLR) by up to 0.57 percentage point for various tenors.
DCB Bank has revised downward its MCLR across tenors with overnight loans attracting 8.35 per cent interest rates, down 0.25 per cent from earlier, the bank said in a filing to BSE.
For one month, three months and six months, the new MCLR are 8.45 per cent (down 0.35 per cent), 8.50 per cent (-0.55 per cent) and 8.95 per cent (down by 0.57 per cent).
"Interest rates on all rupee loans sanctioned and credit limits renewed with effect from July 18 will be priced with reference to these MCLR benchmarks," it said in an exchange filing.
Banks have switched to MCLR as their new benchmark lending rate from June last year, replacing the base rate system for new borrowers.
Shares of the bank closed 1.01 per cent lower at Rs 196.45 on BSE today.
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