The private sector South Indian Bank
stated on September 3, 2020, that the Reserve Bank of India (RBI) has given its
approval to appoint Murali Ramakrishnan as Managing Director (MD) and Chief
Executive Officer (CEO) of the bank. His appointment will be effective from
October 1. Ramakrishnan retired from ICICI Bank on 30 May 2020 as Senior
General Manager (Strategic Project Group). He became Advisor to South Indian
Bank on 1 July 2020.
Kerala-based South Indian Bank told
the stock market that RBI has approved the appointment of Murali Ramakrishnan
as managing director and CEO of the bank for three years from October 1, 2020.
Public sector Indian Bank cut the
Fund's Marginal Cost Based Interest Rate (MCLR) by 0.05 per cent for loans
linked to a period of one year. In a notification to the stock market, Indian
Bank said that the bank has reduced MCLR by 0.05 per cent to 7.30 per cent for
all loans for a period of one year. The new rate will be effective from
September 3, 2020.
Most consumer loans such as personal,
auto and home loans were linked to the one-year MCLR before the repo based
interest rate was introduced. Now all new retail loans (housing, education,
vehicles), loans to MSMEs are related to repo based interest rate.
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