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  Business   Companies  31 Oct 2019  Allahabad Bank lowers interest rates by up to 35 bps

Allahabad Bank lowers interest rates by up to 35 bps

PTI
Published : Oct 31, 2019, 7:10 pm IST
Updated : Oct 31, 2019, 7:10 pm IST

The RBI repo rate has been cut down to 5.15 per cent from the existing rate of 5.40 per cent

Allahabad Bank shares closed 0.56 per cent down at Rs 26.85 on BSE.
 Allahabad Bank shares closed 0.56 per cent down at Rs 26.85 on BSE.

New Delhi: State-owned Allahabad Bank on Thursday announced a cut of up to 35 basis points in interest rate on products linked with external benchmark.

"We have to inform that the Asset Liability Management Committee (ALCO) and ALCO Core Committee of the bank has decided to revise interest rates of the products linked to external benchmark with effect from November 1, 2019," it said in a regulatory filing.

 

The RBI repo rate has been cut down to 5.15 per cent from the existing rate of 5.40 per cent, while the three month Mumbai Interbank Offered Rate( MIBOR) has been slashed to 6.15 per cent as against 6.50 per cent earlier, the bank said.

Allahabad Bank shares closed 0.56 per cent down at Rs 26.85 on BSE.

Tags: allahabad bank, interest rate
Location: India, Delhi, New Delhi