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Bank of Maharashtra and IDBI Bank have cut their marginal cost of funds based lending rate (MCLR) across select tenors by 10 basis points (bps) and 5-15 bps, respectively.
This downward revision in MCLR comes in the wake of the Reserve Bank of India (RBI) cutting its policy repo rate by 35 bps from 5.75 per cent to 5.40 per cent on August 7.
Following the reduction, the new MCLR of the Pune-headquartered public sector bank for three months is 8.30 per cent (8.40 per cent earlier), 8.40 per cent (8.50 per cent) for six months and 8.50 per cent (8.60 per cent).
The new rates are effective from August 8.
IDBI Bank has pared its three months MCLR by 5 bps from 8.40 per cent to 8.35 per cent. It has cut the MCLR on three maturity buckets by 10 bps each — six months to 8.50 per cent, one-year to 8.85 per cent and three years to 9.10 per cent. The two years MCLR has bee cut by 15 bps to 8.95 per cent.
The new MCLR in the case of IDBI Bank will be effective from August 12.
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