Central Bank of India has decided to reduce its marginal cost of funds-based lending rate by 20 basis points across all five tenors with effect from August 15. With this cut, the benchmark one-year MCLR will be 8.30 per cent, against the current 8.50 per cent. Pallav Mohapatra, MD and CEO, said: “The bank will come out with new products in the retail segment having RLIR during September 2019.”

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