Punjab & Sind Bank revises MCLR on various tenor with effect Oct 16

MCLR for 1-year tenor will be at 7.70%, while the benchmark lending rate would be 7.60% on six-month tenor.

Oct 16, 2020 04:10 IST India Infoline News Service

Punjab and Sind Bank
Punjab & Sind Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) on various tenor. The new rates will come into effect from October 16, 2020.

In a regulatory filing, the bank said, "We hereby inform that as per the Guidelines of Reserve Bank of India, our Bank has reviewed the Marginal Cost of Fund Based Lending Rate (MCLR) for different tenors and the same will be effective from 16.10.2020."

With that, MCLR for 1-year tenor will be at 7.70%, while the benchmark lending rate would be 7.60% on six-month tenor.

7.50% MCLR would be on three-month tenor, and 7.30% MCLR is set on one month tenor. For overnight, the MCLR would stand at 7.05%.

Further, the bank said, ALCO has decided to keep the existing Base rate and BPLR unchanged at 9.70% & 14.00% respectively.

On Sensex, the bank's stock completed at Rs10.51 per piece down 1.50%. 

Related Story