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.”
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