Punjab National Bank And bank of india has increased its marginal cost of funds based lending rates (MCLR) has increased lending rates by 0.05 bps on all tenors with effect from September 1, 2022, while between 5 bps and 10 bps on select tenors.

Bank Of India MCLR

According to the bank’s website, the benchmark 1-year MCLR has been increased by 10 basis points (bps) to 7.60 per cent, six-month MCLR by 10 bps to 7.45 per cent and overnight MCLR by 5 per cent. BPS to 6.85 percent.

The MCLR for three months, one month and three years is 7.3 per cent, 7.35 per cent and 7.80 per cent, respectively.

PNB MCLR

has increased its marginal cost of funds-based lending rate (MCLR) up to 0.05 per cent across all tenors. The new rates are effective from September 1, 2022.

According to the bank’s website, the benchmark 1-year MCLR has been increased by 5 basis points (bps) to 7.05 per cent. The MCLR for one month, three months and six months has been increased to 7.10 per cent, 7.20 per cent and 7.40 per cent respectively. The rate has been increased from 7.95 percent to 8 percent for three years.

Banks are taking a long walk after the Reserve Bank of India hiked repo rates by 50 basis points to 5.4 per cent in its August monetary policy review.

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