2024-02-03 11:23:19
Indian Bank, one of India’s leading public sector banks, has raised Fund Based Lending Rates (MCLR). This means that if the loan taken by customers is linked to MCLR then their EMI amount will increase. Indian Bank has increased the MCLR rate for all tenors by 0.05 percent. After this change, the fortnight interest rate has increased from 8.10 percent to 8.15 percent now.Samayam Tamil
The 1-month MCLR rate has increased to 8.35 percent from 8.30 percent. Similarly, the 3-month MCLR rate has increased to 8.50 percent and the 6-month MCLR rate has increased to 8.70 percent. The 1-year MCLR rate has increased from 8.80 percent to 8.85 percent. The hiked new rates are effective from today i.e. 3rd February.
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As for Indian Bank’s operations, its third-quarter earnings grew by 52 percent. For the quarter ended December 2023, Indian Bank’s net profit rose 52 percent to Rs. 2,119 crores. Its net profit was only Rs 1,396 crore in the corresponding quarter of the previous year. Similarly, net interest income stood at Rs 5,815 crore. Also the bank’s operating profit was Rs. It is noteworthy that it was 4,097 crores.
Senthil Kumar About the Columnist
Senthil Kumar Senthil Kumar holds a Masters in Mathematics. I have been working in the media industry for the past 7 years. Currently I am writing business news for Times of India in Tamil site. Also interested in writing sports news. I am working as Senior Digital Content Producer…. Read More
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