Mumbai, Aug 10: State-owned Union Bank of India on Monday announced a cut in its Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 15 basis points across various tenors, effective August 11.
The lender has reduced its one-year MCLR to 7.25 per cent from 7.40 per cent, a release said.
Overnight MCLR rate stands at 6.80 per cent while three-month and six- month rates have been revised to 6.95 per cent and 7.10 per cent, respectively.
This is the fourteenth consecutive rate cut announced by the bank since July 2019, the release said.
Indian Overseas Bank (IOB) has also reduced its MCLR by 10 basis points (bps) across all tenors effective Monday.
One-year MCLR has been slashed to 7.65 per cent from 7.75 per cent, IOB had informed exchanges last week.
Two-year MCLR has been reduced to 7.65 per cent from 7.75 per cent.
Pune-based Bank of Maharashtra (BOM) had cut its MCLR by up to 20 bps for select tenors effective August 7.
One-year MCLR rate has been reduced by 10 bps to 7.40 per cent from 7.50 per cent, BoM had said in a release.
It had reduced its overnight rate to 6.80 per cent from 7 per cent earlier and one-month MCLR to 6.90 per cent from 7.10 per cent.