Money & Banking

Punjab & Sind Bank cuts MCLR by 5-10 bps

BL New Delhi Bureau | Updated on: Jan 16, 2022
Man gives a Indian rupee money bag. Loan issuance. Financial support, leasing. Investments, financing Lobbying. Funding. Accounting, tax payment. Earnings and profits.

Man gives a Indian rupee money bag. Loan issuance. Financial support, leasing. Investments, financing Lobbying. Funding. Accounting, tax payment. Earnings and profits. | Photo Credit: Andrii Yalanskyi

The new rates will be effective from January 16, 2022

Punjab & Sind Bank, a public sector bank, has slashed the Marginal Cost Based Lending Rate (MCLR) by 5 to 10 basis points (bps) across the short term loans. 

The new rates will be effective from January 16, 2022, a statement issued by the bank said. 

While the One year MCLR stands at 7.45 per cent with effect from January 16, 2022 , the Overnight, One Month, Three Month and 6 Month MCLR rates have witnessed the rate cuts. Further, the existing Base Rate and BPLR kept unchanged, the statement added. 

Published on January 16, 2022
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