INDIAN OVERSEAS BANK REDUCES
INTEREST RATE ON LOANS
Chennai based public
sector bank, Indian Overseas Bank, consequent to change in Repo rate by RBI,
has reduced the repo linked lending rate (RLLR) by 75 bps. IOB’s Repo linked
lending rate will come down from the existing level of 8.00% to 7.25 % per
annum wef 01.04.2020.
Retail loans
(Housing, Education, Vehicle etc.), loans to Micro and Small enterprises and
Medium enterprises, which are linked to RLLR, will now be available at cheaper
rates. Bank has also, inter
alia, reduced the 1 year MCLR from existing 8.45% to 8.25% wef 10.04.2020.
About Indian Overseas Bank:
Indian Overseas Bank (NSE: IOB) is one
of the leading Public Sector Bank established in the year 1937 headquartered in
Chennai with a strong domestic presence of 3280 Branches & 3450 ATMs as of
Mar 31, 2019. 57% of Branches catering to the needs of Rural and Semi Urban
centres enhancing deeper Financial Inclusion. IOB is a strong brand that enjoys
the trust of over 36 million active customers. As of March 31, 2019, the Bank
had a total business of Rs. 3,74,530 crores with Deposits of Rs. 2,22,534
crores and Advances of Rs. 1,51,996 crores. The CASA portfolio of the Bank
stood at Rs. 85,227 crores with a CASA% of 38.3%. The Credit to Deposit Ratio
of the Bank stood at 68.3%. The RAM (Retail/Agri/MSME) portfolio contributes to
around 67% of domestic advances synchronising with the Banks efforts towards
rebalancing its Balance sheet
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