Karnataka Bank cuts MCLR by 5 bps

Karnataka Bank has reduced its marginal cost of funds based lending rate (MCLR) by five basis points effective October 1, according to a press release. With this, the one-year MCLR of the bank now stands at 9.15 per cent. The six-month MCLR at 9.10 per cent, three-month at 9.05 per cent, one-month 9 per cent, and overnight MCLR at 8.90 per cent.