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Oriental Bank of Commerce (OBC), a public sector bank, has cut its Marginal Cost of Fund-based Lending Rate (MCLR) by 5-10 basis points across various tenors.
A basis point is one hundredth of one percentage point. While OBC's one-year MCLR now stands reduced at 8.65 per cent from 8.70 per cent, the six months' MCLR has been reduced to 8.55 per cent from 8.60 per cent earlier.
The latest revision in MCLR is applicable from Thursday till the next review by the bank. MCLR refers to the minimum interest of a bank below which it cannot lend.
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