Union Bank cuts MCLR by 10 basis points

State-owned Union Bank of India on Monday announced reduction in its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors, effective March 11. This is the ninth consecutive rate cut announced by the Mumbai-based bank since July 2019.

It reduced one-year MCLR to 8 per cent from 8.10 per cent, according to a release. The overnight MCLR has been revised to 7.55 per cent, while the new one-month rate stands at 7.60 per cent, the bank said.