Sunday, November 8, 2026

Indian Overseas Bank cuts overnight MCLR by 5 bps

Date:

State-run lender Indian Overseas Bank (IOB) has reduced its overnight marginal cost of funds-based lending rate (MCLR) by 5 basis points to 7.95%, effective January 15, 2026.

The decision was taken by the bank’s Asset Liability Management Committee (ALCO) during a meeting on January 13, 2026, following a review of MCLR calculations as of January 10.

All other MCLR tenors remain unchanged.

The one-month MCLR stands at 8.30%, three-month at 8.40%, six-month at 8.65%, and the one-year MCLR at 8.80%. The two-year MCLR is also unchanged at 8.80%, while the three-year MCLR continues at 8.85%.

Also Read: Raamdeo Agrawal’s big call: Auto will be the star sector in 2026

The revised rates will remain in force until further review, the bank said in a regulatory filing.

For borrowers, this means most loans linked to the MCLR won’t see a change in interest costs, while new borrowers can expect rates between 8.30% and 8.85% depending on loan tenure.

Last month, the government launched an Offer For Sale (OFS) to pare some stake in the lender with plans to sell up to 2% of IOB’s outstanding equity through the OFS, with a greenshoe option of an additional 1%.

Shares of the company ended at ₹35.48 on Tuesday, which is 0.54% higher than the day’s opening on the NSE.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

‘Trump has cost us’: After midterm losses, MAGA asks if it’s over

As Republicans faced a nationwide drubbing in Tuesday’s midterm...

Prashant Jain sees 12-15% annual returns from Indian equities over 3-5 years

Question We've had a very painful period for the equity...

Raamdeo Agrawal sees FIIs return as earnings improve and valuations turn attractive

Question Looking at the valuation compression across the market, are...

Stocks to Watch for November 2: Reliance Industries, Jio Platforms, BEL, Vodafone Idea, IOC, M&M and more

From Reliance Industries and Jio Platforms reporting strong quarterly...