The committee has reduced the treasury bills linked rates. Whereas, it has increased the base rates and BPLR. No change was made in MCLR and other benchmark rates.
Bank Interest Rates Change: Indian Bank has announced changes in its benchmark rates. The bank has informed that the Asset Liability Management Committee has revised the Marginal Cost of Fund Based Landing Rates i.e. MCLR, Treasury Bills Linked Landing Rates i.e. TBLR, Base Rates and Benchmark Prime Lending Rates. The committee has reduced the TBLR. At the same time, the base rates and BPLR have been increased. There was no change in MCLR and other benchmark rates. The bank has given this information after the market closed. On Friday, the stock closed with a gain of about one percent.
What changes have been made in the rates
According to the information given by the bank, rates have been increased for different time periods in TBLR. Rates for a period of less than 3 months are stable at 6.6 percent. At the same time, for a period of 3 months to 6 months, the rates have been reduced from 6.7 percent to 6.65 percent. Rates for the period of 6 months to one year have also been reduced from 6.7 percent to 6.65 percent. At the same time, rates for the period of one year to 3 years have also come down to 6.65 percent.
At the same time, the bank has increased its base rates from 9.8 percent to 9.85 percent. Along with this, the Benchmark Prime Landing Rates have been increased from 14.05 percent to 14.1 percent. Changes in TBLR, base rates and BPLR will be effective from October 3.
At the same time, there has been no change in MCLR and overnight rates are stable at 8.25 percent, one month rates at 8.45 percent, rates for 3 months at 8.6 percent, 6 month rates at 8.85 percent and rates for one year at 9 percent. At the same time, repo linked benchmark landing rates are at 9.2 percent.
How was the performance of the stock
Indian Bank’s stock closed at 526.6 with a gain of 0.8 percent in Tuesday’s trading. The stock’s highest level of the year is 626.35 and the lowest level of the year is 391.25. A year ago the stock was trading below the level of 450.
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