Friday, 13 January 2017

Axis Bank cuts MCLR by up to 70 bps

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Country's third biggest private sector lender Axis Bank today cut its interest offering by up to 0.70 percent, following similar moves by all the major players in the system due to high liquidity post demonetisation. The Shikha Sharma-led bank cut its marginal cost of funds based lending rate (MCLR) for one year tenure which serves as the benchmark for a slew of loans including home loans by 0.65 percent to 8.25 percent, it said in a statement. The new rates, decided by the bank's asset liability committee which met today, are effective from January 18.

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