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Allahabad Bank lowers interest rates by up to 35bps

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Press Trust of India New Delhi
State-owned Allahabad Bank on Thursday announced a cut of up to 35 basis points in interest rate on products linked with external benchmark.
"We have to inform that the Asset Liability Management Committee (ALCO) and ALCO Core Committee of the bank has decided to revise interest rates of the products linked to external benchmark with effect from November 1, 2019," it said in a regulatory filing.
The RBI repo rate has been cut down to 5.15 per cent from the existing rate of 5.40 per cent, while the three month Mumbai Interbank Offered Rate( MIBOR) has been slashed to 6.15 per cent as against 6.50 per cent earlier, the bank said.
Allahabad Bank shares closed 0.56 per cent down at Rs 26.85 on BSE.

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First Published: Oct 31 2019 | 7:00 PM IST

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