Karur Vysya Bank, a private sector lender, will revise the Marginal Cost of Funds based Lending Rates (MCLR). The overnight, 1month and 3month MCLR are revised to 9.50% p.a each, while the 6month and I Yr MCLR are revised to 9.70% p.a and 9.90% p.a respectively. MCLR will be revised with effect from October 7, 2016.
Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.