Indian Overseas Bank has informed the Exchange regarding 'Change in MCLR w.e.f 15.04.2026'.
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Indian Overseas Bank's Asset Liability Management Committee (ALCO), at its meeting on April 13, 2026, reviewed and revised the bank's Marginal Cost of Funds-based Lending Rate (MCLR) effective April 15, 2026. The Overnight, 1-Year, and 2-Year MCLR rates have each been reduced by 5 basis points (bps), bringing them down to 7.90%, 8.75%, and 8.75% respectively. The 1-Month (8.20%), 3-Month (8.40%), 6-Month (8.65%), and 3-Year (8.85%) MCLRs remain unchanged. MCLR is the benchmark rate used by the bank to price loans.
A marginal MCLR cut of 5 bps on select tenors means slightly lower lending rates for new and floating-rate borrowers on those tenors, while existing borrowers may benefit when their loans reset. The impact on the bank's net interest margin is minimal given the small rate change. This is a routine rate revision and is unlikely to materially move the stock.