SBI cuts lending rates by 0.15%, ICICI by 0.10%

Two top lenders in the country, SBI and ICICI Bank, on Friday announced a cut of 0.15% and 0.10% in their respective lending rates under a new system of computation. This comes after repeated displeasure shown by the RBI for not passing on the benefits of its rate cuts to borrowers. The revised rates will be effective from November 1 in case of both the banks.

Q. What is ‘L’ stands for in the term MCLR?

A. Lending

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