Union Bank cuts MCLR by 10 basis points
Mar 9, 2020, 20:45 IST
Mumbai, Mar 9 () 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.
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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. HV HRS(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)