Despite RBI rate cut, IOB keeps MCLR unchanged

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Mumbai: Despite the reduction in Repo rate by the Reserve Bank of India, public sector Indian Overseas Bank on Thursday decided to keep Marginal Cost based Lending Rates (MCLR) unchanged. Currently, the overnight MCLR of IOB is at 8.15%, One month MCLR at 8.30%, One year at 8.65% and Two year at 8.75%.

 The RBI today, reduced the Repo rate by 25 bps to 5.75% from 6% earlier. It is expected that banks will pass on the rate cut to the end consumers.

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