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Corporation Bank cuts benchmark lending rate by 5bps

Press Trust of India  |  New Delhi 

State-owned Thursday announced a cut in its benchmark lending rate by 0.05 percentage points, a move that would make home, auto and other cheaper.

The has reduced the lending rate by 5 basis points (0.05 percentage point) across all tenors up to one year.

The new rates are effective from March 15, said in a regulatory filing.

The marginal cost of funds based lending rate (MCLR) for overnight and one-month tenors would be 8.05 per cent and 8.20 per cent, respectively, it said.

The MCLR for one-year tenor was slashed to 8.90 per cent from 8.95 per cent. Most of the retail are benchmarked against one-year MCLR.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 20:45 IST
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