ICICI bank cuts lending rates.
ICICI BANK UPDATE
ICICI Bank, the second largest private sector bank. On wednesday cut its lending rates by 0.10 per cent for all maturity periods. The bank say, “All rate cuts have done under the MCLR”. With this reduction, the bank has reduced the total by 0.20 percent since April. This rate will be effective from September 1. After which the bank’s one-year MCLR will be 8.55 percent. While the overnight MCLR will be 8.30 percent. A one-year M C L R is considered very important from the perspective of retail loans. Currently, HDFC Bank’s one-year MCLR is 8.60 percent so far, while AXIS Bank. The third largest lender of the private sector, is 8.55 percent.
The last time it reviewed its interest rates in the first week of July, the bank had reduced it by 0.05 per cent. Explain that even after the rate cut by the RBI, the top bank has expressed disappointment over the other banks not giving its benefit to the customers. RBI has cut the rate four times in 2019. The total deduction of the bank is 1.10 per cent, since April the bank has cut it by 0.85 per cent.
According to the RBI, banks have given only 0.30 per cent benefit to the borrowers till August, while the benefit of the 0.75 per cent deduction has not yet been passed on to the customers.
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