Mumbai : Axis Bank, the third largest private sector lender, on Tuesday announced a cut in its lending rate by 0.15 per cent to bring it at par with its larger rivals. Announcing its maiden MCLR (Marginal Cost Lending Rate) on March 31, the bank had set the overnight rate at 9.10 per cent, which will be reduced to 8.95 per cent effective April 18, the lender said.

At present, SBI and HDFC Bank have their overnight MCLRs, which should be reviewed once a month, at 8.95 pc. This is the first review introduced by a lender since the introduction of the MCLR with effect from April 1 to ensure effective transmission of policy rates.

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