SBI, BoM, Allahabad Bank and PSB slash the MCLR

SBI reduced its marginal cost of funds-based lending rates (MCLR) by five basis points. This rate cut comes after 10 months. The one-year MCLR will now be 7.95 % as against 8 %. Kolkata-based Allahabad Bank has also cut its MCLR by 15 basis points.

Bank of Maharashtra slashed its marginal cost of funds based lending rates by 0.05 % for all the tenors up to one year.

Likewise, Punjab & Sind Bank (PSB) has also lowered its MCLR by up to 0.10 %.