Indian Bank to revise MCLR from January 3

Indian Bank on Monday said it would revise lending rates on the marginal cost of funds from January 3. "The bank has revised the marginal cost of funds-based lending rate with effect from January 3, 2020," the city-based bank said in a Bombay Stock Exchange (BSE) filing.

Accordingly, the revised MCLR would be 7.90 percent as against the existing 7.95 percent for overnight tenors. For tenors of one month, the lending rates would be revised to 8.05 percent from the current 8 percent.

Lending rates for tenors of three months would be revised to 8.15 percent from the current 8.20 percent. For six months tenor, the lending rates would be fixed at 8.20 percent from January 3 as against 8.25 percent.

Lending rates for tenors of one year would be revised to 8.30 percent from the current 8.35 percent, the bank said. The bank shares ended at Rs 104.50 per share on the BSE.