Axis Bank cuts MCLR by up to 70 bps

March 29, 2016: Country's third biggest private sector lender Axis BankBSE 3.90 % today cut its interest offering by up to 0.70 per cent, following similar moves by all the major players in the system due to high liquidity post demonetisation. 
The Shikha Sharma-led bank cut its marginal cost of funds based lending rate (MCLR) for one year tenure-- which serves as the benchmark for a slew of loans including home loans--by 0.65 per cent to 8.25 per cent, it said in a statement.