Punjab & Sind Bank revises MCLR; keeps Base rate, BPLR unchanged

Now MCLR for 1-year tenor is at 7.80%, followed by 7.70% rate on six-month tenor and 7.55% on three-month tenor.

Jul 16, 2020 04:07 IST India Infoline News Service

Punjab & Sind Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from Thursday onward. However, the bank has decided to keep the base rate and Benchmark Prime Lending Rate (BPLR) as unchanged for this month.

Now MCLR for 1-year tenor is at 7.80%, followed by 7.70% rate on six-month tenor and 7.55% on three-month tenor. While the bank kept MCLR of 7.45% and 7.10% on tenors like overnight and one-month.

In its filing, the bank said, "Further the ALCO has also resolved to keep the existing rate of Base Rate unchanged at 9. 70% and BPLR at 14.00%".

Although MCLR, Base Rate and BPLR are somewhat similar as they all are seen lending rate benchmarks, however, currently it would MCLR which is followed by the banks.  MCLR was introduced in April 2016, replacing Base Rate and BPLR for fixing interest rates. However, existing loans were allowed to continue according to their respective benchmarks.

On NSE, the bank's stock ended at Rs12.90 per piece down by 0.77%. The stock has also touched an intraday high and low of Rs13 per piece and Rs12.60 per piece respectively. 

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