New Delhi: Due to the economic downturn in the country, economic activity has come to a standstill. Many companies have stopped production due to lack of demand. There is relief news in this period. The public sector Allahabad Bank has reduced the marginal cost lending rate by 0.05 percent.

First international cooperative trade fair; know its purpose

In a communication sent to the stock markets, the bank said that after reviewing the existing MCLR, it was decided to cut it by 0.05 percent for loans of different maturity periods. Now the bank's one-year benchmark MCLR will come down from 8.40 percent to 8.35 percent. Similarly, for one-day to six-month loans, MCLR will be between 7.85 and 8.20 percent.

The change rates will be applicable from Monday. Bank of Maharashtra has also recently cut the Marginal Cost of Fund based lending rate by up to 0.10 percent. The bank's MCLR will now be 8.40 percent. It is applicable from October 8. For loans ranging from one day to six months, the MCLR has been reduced from 0.10 percent to 8.05 to 8.30 percent.

Gold and silver prices surge due to weak rupee, know today's rate

Also, the bank has reduced the repo rate linked loan rate from October 8 and it has been reduced by 0.25 percent to 8.20 percent from 8.45 percent. While the base rate has been maintained at 9.50 percent annually. The reduction is expected to increase market demand again. which will lead to the re-activation of economic activities.

Relief to farmers, IFFCO cuts retail price of fertilizers by Rs 50