Money & Banking

Central Bank of India cuts MCLR by 5 basis points

Our Bureau Mumbai | Updated on August 14, 2020

Central Bank of India has decided to pare its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors with effect from August 15.

Following the revision, the one-year MCLR will be at 7.15 per cent against 7.20 per cent now.

The public sector bank, in a statement, said beginning April 1, 2020, it has reduced the one-year MCLR by 85 basis points from 8 per cent to 7.15 per cent.

Published on August 14, 2020

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