UBI reduces lending rate by 5 bps

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Kolkata, Oct 7 (IANS) Public sector lender United Bank of India (UBI) on Friday said it would reduce its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis points (bps) effective from October 17.

“The Asset Liability Management Committee of the bank at its meeting held earlier on date has reduced the bank’s MCLR by 5 b.p. across all tenures with effect from October 17,” the bank said in a stock exchange filing.

One year lending rate of the bank has been reduced to 9.40 per cent from 9.45 per cent, while the 6 months lending rate has been revised to 9.35 per cent, it said.

State-run Canara Bank, Indian Bank and private sector ICICI Bank and Kotak Mahindra Bank had also cut lending rates after repo rate cut by 25 basis points by the Reserve Bank of India on Tuesday.

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