Indian Overseas Bank shares in focus after overnight MCLR cut by 5 bps
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Shares of Indian Overseas Bank are likely to be in focus on Wednesday after the state-owned lender trimmed its overnight lending rate, a move that comes amid an ongoing government stake sale and renewed attention on public-sector banks as investors weigh rate signals, balance-sheet discipline and policy actions. Indian Overseas Bank said its Asset Liability Management Committee, at a meeting held on January 13, reviewed the marginal cost of funds-based lending rate as on January 10 and approved a reduction of 5 basis points in the overnight MCLR, effective January 15. The decision was disclosed in a regulatory filing to stock exchanges. Overnight MCLR lowered Consequently, the overnight MCLR will stand at 7.95% from Thursday, compared with the existing 8%. The bank said the decision followed a review of the MCLR workings at the ALCO meeting. There is no change in other MCLR tenors.One basis point equals 0.01%. Indian Overseas Bank had las...