CSB Bank cuts lending rates

The repo linked lending rate (RLLR) has also been revised to 4 per cent from 4.40 per cent in line with the RBI's rate cuts. CSB Bank cut its overnight MCLR by 0.90 per cent to 8.20 per cent, but left the one-year MCLR unchanged at 9.50 per cent.

South-based CSB Bank on Wednesday announced a reduction of up to 0.90 per cent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 per cent from 4.40 per cent in line with the RBI's rate cuts. The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 per cent to 9.50 per cent, it said in a filing to the exchanges. The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic. CSB Bank cut its overnight MCLR by 0.90 per cent to 8.20 per cent, but left the one-year MCLR unchanged at 9.50 per cent. Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR. It also cut the one-month MCLR by 0.80 per cent, three-month MCLR by 0.70 per cent and six-month MCLR by 0.50 per cent.