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Following its larger rivals, LIC-owned IDBI Bank has reduced its lending rates by 5 basis points for most tenors, effective Friday.
The new one-year marginal cost of funds-based lending rate (MCLR), to which most of the loan pricing is based, has been reduced to 9 per cent, the bank said in a statement on Thursday.
The revised six-month and two-year MCLR now stand at 8.60 per cent and 9.25 per cent respectively. The bank has reduced its one-month lending rate by 10 basis points to 8.15 per cent.
On Tuesday, State Bank of India had lowered its lending rate by 5 basis points across all tenors. Its new one-year MCLR now stands at 8.50 per cent.
Other state-run lenders -- Indian Overseas Bank and Bank of Maharashtra have also reduced their lending rates by 5 basis points.
Banks have started reducing the MCLR following a 25 basis points repo rate cut by the Reserve Bank in its first bi-monthly monetary policy review announced on April 4.
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