Andhra Bank cuts rates by 25 bps

Andhra Bank will cut its marginal cost of funds based lending rates (MCLR) by 25 bps across overnight, one month, three months, six months and one year tenures, according to K Rajendra Kumar (Hyderabad zonal manager) and D V Dhanumjaya Rao (Secunderabad zonal manager). These



will come into effect from August 16. MCLR for these tenures are 7.95 per cent for overnight, 8 per cent for one month, 8.2 per cent for three months, 8.35 per cent for six months and 8.45 per cent for one year, it said.