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Corporation Bank has reduced the one-year marginal cost of funds-based lending rate (MCLR) by 70 basis points with effect from January 2. The bank’s one-year MCLR is now at 8.75 per cent.
The bank also announced reduction of MCLRs for overnight (by 65 bps), one-month (80 bps), three-month (80 bps), and six-month (70 bps) maturities.
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