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CSB Bank Reduces Lending Rates By Up To 90 Bps

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The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 per cent to 9.50 per cent, it said in a filing to the exchanges. 

South-based CSB Bank on Wednesday announced a reduction of up to 0.90 per cent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 per cent from 4.40 per cent in line with the RBI’s rate cuts. 

The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 per cent to 9.50 per cent, it said in a filing to the exchanges. 

The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic. 

CSB Bank cut its overnight MCLR by 0.90 per cent to 8.20 per cent, but left the one-year MCLR unchanged at 9.50 per cent. 

Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR. 

It also cut the one-month MCLR by 0.80 per cent, three-month MCLR by 0.70 per cent and six-month MCLR by 0.50 per cent.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline has been changed.)

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