 "ICICI bank signboard is reflected in a puddle on a street in New Delhi")
ICICI Bank-country's largest private sector lender-has revised its marginal cost of funds-based lending rate by 5 basis points. Now its one year MCLR stands at 9.05 percent. The new rates are effective from 1st October. As per the new rates, the one-month MCLR will be at 8.85 percent as against 8.90 percent earlier.
Even though it comes on the same day on which RBI reduced the key policy rate, ICICI Bank's decision of reducing its lending rate was taken prior to the central bank's rate cut announcement today.
