Bandhan Bank slashes microloan interest rate by 70 bps, shares up 2.5%
Updated : June 18, 2019 10:28 AM IST
Bandhan Bank shares were up more than 2 percent in early trade on Tuesday, a day after the lender said it would reduce its microloan interest rate by 70 basis points (bps) to 17.95 percent, which would be applicable to new disbursements from June 18.
"This reduction would bring down the effective interest rate on microloans to 17.95 percent from the current 18.65 percent," the lender said in a statement.
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