Central Bank of India reduces MCLR by 5 basis points across all tenors

Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday.

The city-based lender has cut the one-year MCLR to 7.10 per cent from 7.15 per cent, a release said.

Overnight and one-month MCLRs have been reduced to 6.55 per cent from 6.60 per cent earlier.

The new three-month and six month MCLR will stand at 6.85 per cent and 7 per cent, respectively.

Last week, Union Bank of India reduced MCLR by 5 bps across all tenors. Its one-year MCLR was revised to 7.20 per cent from 7.25 per cent earlier.

Chennai-headquartered public sector lender Indian Overseas Bank has cut its MCLR by 10 bps across all tenors, effective September 10.

Bank of Maharashtra also slashed MCLR by 10 bps for select tenors, last week.