Mumbai: Life Insurance Corporation of India (LIC)-owned IDBI Bank on Wednesday reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points across various tenors, with immediate effect. The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced. The state-run Oriental Bank of Commerce (OBC) on Tuesday cut its one year MCLR by 5 basis points to 8.70%. Last week, Bank of Maharashtra also reduced its MCLR for one-year tenor loan by 10 basis points to 8.60%. This was the third consecutive repo rate cut by RBI, with cumulative reduction of 75 basis points in 2019, so far.

Source: Mint June 12, 2019 10:30 UTC