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    Now, BoB lowers MCLR lending rates by 20 bps

    Synopsis

    The rate reduction comes even as the RBI left key policy rates unchanged at the last meeting on December 5. The city-based lender has reduced its one-year MCLR rates, which all retail loans are linked to, only marginally by 5 bps to 8.25 percent.

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    MUMBAI: Following its peers like SBI, HDFC Bank and Bank of India, state-run also has lowered its marginal cost of funds-based lending rates (MCLR) by up to 20 bps across various tenors, effective December 12.

    The rate reduction comes even as the RBI in a surprise move had left the key policy rates unchanged at the last meeting on December 5.

    But the city-based lender has reduced its one-year MCLR rates, to which all retail loans are linked to, only marginally by 5 bps to 8.25 percent, the bank said in statement on Tuesday.

    On Monday, while SBI cut its one-year MCLR by 10 bps to 7.90 percent, HDFC Bank did a 15 bps cut to 8.15 percent, and Bank of India reduced the same by 20 bps to 8.20 percent.

    With this, BoB's overnight and one-month rates are down 20 bps to 7.65 percent now.

    It has also reduced by 10 bps in three-months and six months MCLR to 7.80 percent and 8.10 percent, respectively.
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