Indian Bank Raises Some Benchmark Lending Rates
Indian Bank (NSE:INDIANB, BOM:532814) has revised some of its benchmark lending rates after a review by its Asset Liability Management Committee (ALCO), according to a Monday filing to the Indian bourses.The public sector lender kept key policy-linked rates unchanged, while changing to the Marginal Cost of Funds-based Lending Rate (MCLR) and Treasury Bills Linked Lending Rates (TBLR), effective June 3.Under MCLR, the bank raised the three-month tenor to 8.50% from 8.40%, the six-month tenor to 8.75% from 8.65%, and the one-year tenor to 8.85% from 8.75%.The overnight rate was unchanged at 7.90%, while the 1-month tenor also remained at 8.20%.The bank also revised TBLR rates upwards across tenors. The rate for up to three months rose to 5.35% from 5.25%, the above three months and up to six months tenor to 5.55% from 5.45%, and both the above six months up to one year, and above one year up to three years segments were raised to 5.75% from 5.60%.The base rate remained at 9.55%, benchmark prime lending rate at 13.80%, policy repo rate at 5.25%, and repo-linked benchmark lending rate at 7.95%.Indian Bank's shares were up nearly 1% in Tuesday's trade.
