ICICI Bank, Punjab National Bank (PNB) and Central Bank of India on Monday cut their marginal cost of funds-based lending rates (MCLRs) across tenures for the first time after the Reserve Bank of India lowered the repo rate by 25 bps to 5.75 per cent in June.
ICICI Bank cut its one-year MCLR, the benchmark for most customer loans, by 10 bps to 8.65 per cent. The MCLR for shorter periods now stands at 8.60 per cent for six months, 8.45 per cent for three months, 8.40 per cent for one month and overnight lending. ICICI Bank has announced these rates to get into immediate effect.
PNB and Central Bank of India also revised their MCLR with a 5 basis-point cut across tenures. Now, the one-year MCLR of these public-sector lenders stands at 8.40 per cent and 8.50 per cent, respectively.
Compared to other top banks, the one-year MCLR for HDFC Bank stands at 8.70 per cent, SBI’s stands at 8.45 per cent and Bank of Baroda’s at 8.70 per cent. —FE