Allahabad Bank lowers external benchmark-linked loan pricing

State-owned Allahabad Bank on February 29 announced a cut of up to 40 basis points in interest rate on external benchmark-linked products. "...the Asset Liability Management Committee (ALCO) of the Bank has decided to revise interest rates for the products linked to External Benchmark with effect from 1st March 2020," the bank said in a regulatory filing.

While the RBI's repo rate remains unchanged at 5.15 percent, the three-month MIBOR (Average) has reduced to 5.75 percent from 6.15 percent.

MIBOR refers to the Mumbai Interbank Offered Rate.