Mumbai: Axis Bank, India’s third largest Private Sector bank reduced its MCLR by 15 bps across all tenors. This follows the reduction in Policy rates by RBI on April, 5, 2016. The reduced MCLRs will take effect starting April 18th.
MCLRs with effect from April 18, 2016:
The new loans will be priced at the published internal benchmark MCLRs as mentioned above w.e.f. April 18, 2016.
The Bank has also reduced the Base Rate by 5 basis points to 9.45% from existing 9.50% also effective from April 18, 2016.
Announcing the MCLR cut, Mrs. Shikha Sharma, MD & CEO, Axis Bank said “The MCLR mechanism is expected to ensure more effective transmission of changes in monetary policy rates for new borrowings. This is illustrated by our reduction in MCLRs as soon as market rates reduced.”
Your email address will not be published. Required fields are marked *
We must find a voice in the global health conversation or face the consequences
Jean-Pascal Tricoire appointed to the Board of the United Nations Global Compact
Academic Excellence Award 2018 conferred upon Suryadatta Group of Institutes, Pune
On popular demand, singing sensation Akasa releases a Bhojpuri version of her hit pop single Thug Ranjha
Sistema.bio arrives to India to empower dairy farmers with disruptive biogas technology
2014 The Global Indian New Network (TGINN)