Canara Bank and Bank of Maharashtra (BoM) have announced a cut in their marginal cost of funds based lending rate (MCLR) across all tenors by 10 basis points and 20 basis points, respectively, with effect from July 7.
Following the cut, the benchmark one-year MCLR of Canara Bank and BoM will be 7.55 per cent (7.65 per cent now) and 7.50 per cent (7.70 per cent), respectively. BoM, in a statement, said it has reduced its MCLR consecutively for the fourth month.
Meanwhile, Karur Vysya Bank has announced a downward revision in MCLR in two tenors by 5-15 basis points with effect from July 7. The overnight and one-year MCLR have been revised to 8 per cent (8.05 per cent) and 9 per cent (9.15 per cent), respectively.