Bandhan Bank cuts MCLR

3 Jan 2017

Bandhan Bank Ltd cut its Marginal Cost of funds Based Lending Rate or MCLR by 148 basis points to 10.52% p.a. The decision was taken at the meeting of the bank's Asset Liability Committee.

The new rate takes effect from Tuesday, January 3. Following this, Bandhan Bank will now charge its micro borrowers (loan up to Rs.1,00,000) at 18.52% p.a., down from 19.90%. With this, the bank has cut its loan rate for small borrowers by almost 4 percentage points since it started operations in August 2015.

"We will continue to pass on the benefit of lower cost of funds to our borrowers," said Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank Ltd. "Our deposit portfolio has risen to Rs. 19,000 crore and 27% of this is current and savings accounts (CASA)," he said. "We are always sensitive to the needs of the poor, lower middle class and middle class borrowers." Mr Ghosh said. (EOIC)