INSUBCONTINENT EXCLUSIVE:
Axis Bank's new rates will be effective from August 17.Axis Bank on Monday announced a reduction in its benchmark lending rates across all
The private lender has reduced its MCLR or marginal cost of funds-based lending rates by up to 10 basis points or 0.10 percentage point
MCLR is the benchmark rate through which banks lend money to home loans borrowers
The new rates will be effective from August 17, according to the bank's website
After revision, the bank's MCLR stands at 8.55 per cent for the one-year tenor from 8.65 per cent earlier.Earlier this month, SBI or State
Bank of India, the country's largest lender by assets, had announced a reduction in its benchmark lending rates across all tenors by 15
RBI considers linking some new bank loans to benchmark rate)The announcement by banks had come after the Reserve Bank of India's Monetary
Policy Committee (MPC) cut the repo rate by 35 basis points to 5.40 per cent, the lowest in over nine years
The repo rate was slashed for the fourth consecutive time by the MPC
Repo rate is the interest rate at which the RBI lends money to commercial banks.Get Breaking news, live coverage, and Latest News from India
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