Corporation Bank has reduced its marginal cost of funds-based lending rate (MCLR) by 15 basis points on two tenors with effect from August 15.

A press release by the bank said here that the one-year MCLR has been reduced to 8.70 per cent with this cut. The previous MCLR for a tenor of one year was 8.85 per cent.

The six-month MCLR has been reduced from 8.80 per cent to 8.65 per cent with effect from August 15.