Allahabad Bank cuts MCLR by 0.8%-1%

Allahabad Bank has announced a cut to its MCLR for various time periods from 0.80% -1.0%. The MCLR for one year has been reduced by 0.85%, from 9.45% to 8.60%. The new lending rates range from 8.15% to 8.60% for overnight to one year time periods. 

The bank's gross NPA was up as much as 139% to Rs 19,095 crore in Q2 FY17 compared to the FY16 quarter, though it had improved marginally over Q1FY17.