Union Bank reduces MCLR by 5 bps across tenors

State-run Union Bank of India said it has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across all tenors, effective from Friday. Another public sector lender Indian Overseas Bank has cut its MCLR by 10 basis points across all tenors, effective from Thursday.

State-run Union Bank of India said it has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across all tenors, effective from Friday. The lender's one-year MCLR has been revised to 7.20 per cent from 7.25 per cent, it said in a statement. Overnight and one-month MCLR will stand at 6.75 per cent after the cut. This is the fifteenth consecutive rate cut by the bank since July 2019. Another public sector lender Indian Overseas Bank has cut its MCLR by 10 basis points across all tenors, effective from Thursday. Its one-year MCLR has been reduced to 7.55 per cent from 7.65 per cent earlier. Earlier this week, Bank of Maharashtra had slashed its MCLR by 10 bps for select tenors.