DCB Bank cuts MCLR by 0.15-0.53 pc for June

Private sector DCB Bank has slashed MCLR rates for June in the range of 0.15-0.53 per cent for various maturities.
It has also cut its base rate by 0.20 per cent.
Marginal cost of funds based lending rate (MCLR) for overnight tenor has been cut to 8.60 per cent, for one month to 8.80 per cent and for three months it has been cut to 9.05 per cent, it said in a regulatory filing.
For six months and one year, the new MCLR will be 9.52 per cent and 9.72 per cent respectively, the bank said. The new rates will come into effect from June 10.

"Interest rates on all rupee loans sanctioned and credit limits renewed with effect from June 10, 2017 will be priced with reference to these MCLR benchmarks. Base rate is revised from 10.64 per cent to 10.44 per cent," it said further.
The private sector bank has 62 branches across 18 states and 2 union territories.
Banks revise their MCLR rates every month, which is an improved methodology to calculate lending rates based on riskiness of a customer. However, base rate is an old method to rate calculation and is the threshold below which banks cannot lend.
DCB Bank stock closed 3.41 per cent up at Rs 203.10 on BSE.