Allahabad Bank hikes benchmark lending rate by 0.05%
The Asset Liability Management Committee (ALCO) of the bank has reviewed the existing Marginal Cost of Funds Based Lending Rates (MCLRs) and decided for an upward revision of MCLR by 5 basis points, Allahabad Bank said in a filing to stock exchanges.
![Allahabad Bank hikes benchmark lending rate by 0.05% Allahabad Bank hikes benchmark lending rate by 0.05%](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2018/10/30/57744-allahabad-bank-reuters.jpg?itok=T7TNONLL&c=25be1d5822a150983804cec11b93525f)
MCLR for a one-year tenor will rise to 8.55 per cent from 8.5 per cent. Most of the retail loans are benchmarked against one-year MCLR. Image source: Reuters