Allahabad | Common News Update

Feb132020 by adminNo Comments

Allahabad Bank cuts MCLR by 5 bps across tenors

Finance

NEW DELHI: Allahabad Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05 percentage points across tenors, effective February 14. The Asset Liability Management Committee of the bank has reviewed the existing MCLR and decided for a downward revision by 5 basis points (bps) across different MCLR tenors, the bank said in a regulatory filing. The benchmark one-year tenor MCLR will now be 8.25 per cent as compared to the existing 8.30 per cent. Most of the consumer loans, such as retail, automobile and personal, are based on one-year MCLR. Likewise, the overnight, three and six-month tenor MCLRs have been cut by 5 bps each in the range of 7.75-8.10 per cent. There has been no change in one-month MCLR of 7.85 per cent. The revised rates will be effective from February 14, 2...

Aug272019 by adminNo Comments

PNB, Allahabad Bank launch loan products linked to repo rate

Finance

NEW DELHI: Leading state-owned lender Punjab National Bank and Allahabad Bank on Tuesday announced linking of their retail loans with the Reserve Bank's repo rate, which will make loans cheaper. Punjab National Bank launched PNB Advantage, a retail lending scheme linked with the repo rate effective Tuesday. "In the new schemes rate of interest will be 0.25 per cent less than the existing applicable rates based on MCLR. The new rates will vary from 8.25 per cent to 8.35 per cent for housing loan borrowers and 8.65 per cent for car loan borrowers," PNB said in a statement. Existing customers of the bank will also have an option to switch over to new Repo Linked Lending Rates (RLLR) with minimal charges, it said. Allahabad Bank said it has benchmarked its loans up to Rs 75 lakh with the exter...

Feb272019 by adminNo Comments

Allahabad Bank cuts MCLR by 10 bps with effect from March 1

Finance

Kolkata: State-owned Allahabad Bank has taken the lead in lowering lending rates, following Reserve Bank of India's appeal last week for softer rates after after its 25 basis points repo rate cut failed to achieve monetary transmission. Governor Shaktikanta Das nudged country's top bankers to lower lending rates at a meeting last week convened for the purpose. Allahabad Bank, which exited the prompt correction action-based restrictions Monday, has reduced its marginal cost-based lending rate by 10 basis points across maturities effective March 1. "As a result, home, car loans and other retail loans are slated to get cheaper," the bank said Tuesday. One basis point is equal to one hundredth of one percent. ET in its edition dated February 23 has reported the possibility of token rate cuts....

May142018 by adminNo Comments

Allahabad Bank board to meet Tuesday to take action on CEO

Finance

KOLKATA: Allahabad Bank has called an emergency board meeting on Tuesday following Finance Ministry's direction to take away all executive powers from bank's chief executive officer Usha Ananthasubramanian while Reserve Bank of India has put fresh business restrictions on the bank for poor financial results. The government said it has initiated action for removal of Allahabad Bank chief executive officer and two executive directors of Punjab National Bank after Central Bureau of Investigation filed chargesheet against them in connection to fraud at PNB involving diamond trader Nirav Modi. Ananthasubramanian was the managing director at PNB between 2015 and 2017, before she was appointed as head in Allahabad Bank. Allahabad Bank called the board meeting late Monday, two people in the kno...