Allahabad Bank lowers interest rate on external benchmark-linked products

While the RBI's repo rate remains unchanged at 5.15 per cent, the three-month MIBOR (Average) has reduced to 5.75% from 6.15%

State-owned Allahabad Bank on Saturday announced a cut of up to 40 basis points in interest rate on external benchmark-linked products.

"...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.

While the RBI's repo rate remains unchanged at 5.15 per cent, the three-month MIBOR (Average) has reduced to 5.75 per cent from 6.15 per cent.

MIBOR refers to the Mumbai Interbank Offered Rate.