Money & Banking

Union Bank cuts MCLR by 10 bps

Our Bureau Mumbai | Updated on June 10, 2020 Published on June 10, 2020

Union Bank of India has decided to reduce its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors with effect from June 11.

India’s fifth-largest public sector bank, in a statement, said this is the twelfth consecutive rate cut announced by it since July 2019.

Following this cut, the one-year benchmark MCLR will come down to 7.60 per cent from 7.70 per cent.

Earlier this month, the bank had reduced its external benchmark-linked lending rate (EBLR) by 40 basis points to 6.80 per cent from 7.20 per cent.

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Published on June 10, 2020
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