Current Affairs - Banking - Discussion

Discussion Forum : Banking - Latest Current Affairs (Q.No. 1544)

2019-05-14 Banking

1544.

Which bank has reduced its benchmark lending rate by 0.05% points?

Syndicate Bank

Union Bank of India

Allahabad Bank

Bank of India

Answer: Option

Explanation:

State-owned Allahabad Bank announced a reduction in benchmark lending rate by 0.05 percentage points across various tenors. The marginal cost of funds-based lending rate (MCLR) for a one-year loan has been reduced to 8.60% from 8.65% effective May 14. Most of the loans including housing loans are benchmarked against MCLR for one year.