look news india
Bank Interest Rates Change: Indian Bank has announced changes in its benchmark rates. The bank has informed that the Asset Liability Management Committee has amended the Marginal Cost of Funds Based Lending Rates i.e. MCLR, Treasury Bills Linked Lending Rates i.e. TBLR, Base Rates and Benchmark Prime Lending Rates. The committee has reduced TBLR. At the same time, base rates and BPLR have been increased. There was no change in MCLR and other benchmark rates. The bank has given this information after the market closed. On Friday, the stock had closed with a gain of about one percent.
What changes have been made in the rates?
According to the information given by the bank, the rates in TBLR have been increased for different time periods. Rates for tenures less than 3 months are stable at 6.6 percent. At the same time, for the period of 3 months to 6 months, the rates have been reduced from 6.7 percent to 6.65 percent. Rates for a period of 6 months to one year have also been reduced from 6.7 percent to 6.65 percent. At the same time, the rates for the period of one year to 3 years have also reduced to 6.65 percent.
The bank has increased its base rates from 9.8 percent to 9.85 percent. With this, the benchmark prime landing rates have been increased from 14.05 percent to 14.1 percent. Changes in TBLR, Base Rates and BPLR will be effective from October 3.
At the same time, there has been no change in MCLR and overnight rates are stable at 8.25 percent, one month rates at 8.45 percent, 3 month rates at 8.6 percent, 6 month rates at 8.85 percent and one year rates at 9 percent. At the same time, repo linked benchmark landing rates are at 9.2 percent.
How was the stock's performance?
Indian Bank shares closed at Rs 526.6 with a gain of 0.8 per cent in Tuesday's trade. The stock's year's highest level was 626.35 and year's lowest level was 391.25. A year ago the stock was trading below the Rs 450 level.