Allahabad Bank Reduces MCLR By 5 Basis Points

New Delhi: Allahabad Bank has reduced its MCLR by 5 basis points for all tenors. 

The one-year MCLR has been reduced to 8.30 percent from 8.35 percent earlier, it said in a regulatory filing.

For the overnight, three month and six-month loans, the MCLRs are between 7.80 percent and 8.15 percent. These rates will come into effect from 14 December.

The decisions by Allahabad comes soon after a host of banks have reduced the MCLR rates. SBI, Bank of Baroda, UCO Bank, Union Bank are some of the public sectors banks that has already announced reduction in MCLR rates earlier this week. 

Even private banks like HDFC Bank have also lowered its MCLR. 

The RBI, in its review of the monetary policy in the beginning of this month, had kept the Repo Rate unchanged keeping in view the inflationary tendencies. RBI has so far reduced the Repo Rate to the tune of 135 basis points in this fiscal in five consecutive rounds prior to the last review. 

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