Mumbai- August 9, 2019: Union Bank of India today in its ALCO
meeting considered the liquidity situation and interest rate scenarios
specifically considering impact of recent cut in Repo rate by RBI of 35
bps. The Bank since February 2019 has
reduced MCLR in various tranches up to 30 bps last effective from August
2019. However, looking to the current
liquidity and interest rate scenario it expects MCLR to further soften up to 15
bps. In order to provide better interest
rate transmission it shall soon link its Housing and Vehicle loan portfolio to
Repo rate from the current MCLR.
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