Mumbai: The second largest private sector lender ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across tenors. This comes weeks after the bank cut its deposit rates on some select maturities with effect from 17 June 2019. Last month, IDBI Bank had reduced its MCLR by 5-10 basis points across various tenors, with immediate effect. India's largest bank, State Bank of India (SBI), too reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors. RBI also hinted at further easing by shifting its stance to accommodatory from neutral, taking the total quantum of rate cut to 0.75 % in 2019.

Source: Mint July 01, 2019 08:48 UTC