The bank has reduced the lending rate by 5 basis points (0.05 percentage point) across all tenors up to one year.
The marginal cost of funds based lending rate (MCLR) for overnight and one-month tenors would be 8.05 per cent and 8.20 per cent, respectively, it said.
The MCLR for one-year tenor was slashed to 8.90 per cent from 8.95 per cent. Most of the retail loans are benchmarked against one-year MCLR.
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