Allahabad Bank lowers lending rates up to 40 basis points

New Delhi: State-owned Allahabad Bank on Saturday slashed the interest rate on external benchmark-linked products by up to 40 basis points. The three-month Mumbai Interbank Offered Rate was reduced to 5.75 percent from 6.15 percent. “...the Asset Liability Management Committee (ALCO) of the Bank has decided to revise interest rates for the products linked to External Benchmark with effect from 1st March 2020,” the bank said in a regulatory filing. According to the minutes of the last MPC, members said that monetary transmission across various money market segments and the private corporate bond market has been sizable. (IANS)

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