OBC cuts MCLR by 0.05 pc for select tenors

Public sector lender Oriental Bank of Commerce (OBC) has slashed the marginal cost based lending rate (MCLR) by 0.05 per cent for select maturities.
The Gurugram headquartered lender has cut the 6-months and one year MCLR by 0.05 per cent each to 8.30 per cent and 8.40 per cent, respectively.
The bank said the change of MCLR will come into effect from September 11.
The MCLR for overnight, one-month and three-month lending have been kept unchanged at 8.10 per cent, 8.20 per cent and 8.25 per cent, respectively, the bank said in a regulatory filing.
Banks review their MCLR rates on a monthly basis, which is relatively a new method of charging interest on advances.

Introduced in April 2016, the Reserve Bank in August said it is going to review MCLR on the contention that banks were passing on lesser repo rate revision benefits to consumers.
Shares of Oriental Bank of Commerce closed 2.16 per cent down at Rs 124.50 on BSE.