India, July 16 -- Indian Overseas Bank (IOB), a public sector lender, has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by 50 basis points across all tenors, effective July 15.
The decision was taken at a meeting of the bank's Asset Liability Management Committee (ALCO) held on July 14, where a review of lending rates was conducted.
As per the revision, the overnight MCLR has been brought down to 8.15%, from the earlier 8.25%, the bank said in a statement on Wednesday.
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