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State-Owned Indian Bank Cuts Lending Rate By 30 Bps

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The rate cut is in line with easing of interest rate in the market following moderation in interest rates by the RBI earlier in May.

State-owned Indian Bank has announced a cut in its marginal cost of fund-based lending rate (MCLR) by 30 basis points across various tenors. The new interest rates will be effective from June 3, the bank said in a regulatory filing.

The rate cut is in line with easing of interest rate in the market following moderation in interest rates by the RBI earlier in May.

The public sector bank has reduced its one-year MCLR by 30 basis points to 7.5% from existing 7.8% earlier. Overnight and one-month MCLRs have been reduced by 30 basis points to 7.2% and 7.25% respectively.

The RBI had earlier reduced benchmark repo rate by 40 basis points to 4% on May 22 in yet another out-of-turn Monetary Policy Committee (MPC) meeting to ease the financial burden on lenders and borrowers caused due to the Covid-19 pandemic. The reverse repo rate was also reduced by 40 basis points to 3.35%.

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