Punjab National Bank cuts MCLR by 10 to 15 basis points
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New Delhi: Public lender Punjab National Bank has revised down marginal cost based lending rates by 0.10% to 0.15% for various maturities effective on Monday.
The maximum of 0.15% has been effected for overnight marginal cost of funds based lending rate (MCLR) tenure to 8.05%.
For one, three and six months as well as one, three and five years, the new MCLRs have been revised down by 0.10% each.
The new MCLR for one-year tenure is 8.35% and for three years, 8.50%. For the six-month tenure, the new rate is 8.30%, the bank said in a release.
Lakshmi Vilas Bank has also revised down the one-year MCLR by 0.05% to 9.70% per annum, with effect from on Monday.
Banks review the MCLR rates on a monthly basis.