# Business

UCO Bank cut MCLR by five basis points

State-run Bank of Maharashtra reduced its MCLR by up to 10 basis points for select tenors effective Monday.

SNS | New Delhi | September 10, 2020 7:15 pm

State-owned UCO Bank slashed its marginal cost of fund based lending rate (MCLR) by five basis points. The new rates came into effect from Thursday onwards.

UCO Bank slashed its one-year MCLR to 7.35 per cent from 7.40 per cent and it would be same for all tenors, the lender said in a statement.

On Monday, state-run Bank of Maharashtra reduced its MCLR by up to 10 basis points for select tenors. Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10.

Bank of Maharashtra has reduced its one-year and six-month MCLR to 7.30 per cent (from 7.40 per cent) and 7.25 per cent (from 7.30 per cent) respectively, it said in a release. For overnight, one-month and three-month tenors, the Pune-based lender’s MCLRs have been revised to 6.80 per cent, 7 per cent and 7.20 per cent respectively.

On the other hand, in a filing to exchanges, IOB said its one-year MCLR has been revised to 7.55 per cent from 7.65 per cent, effective September 10. Three-month and six-month MCLRs have been cut to 7.45 per cent from 7.55 per cent.