Punjab National Bank revises MCLR and Base Rate; stock adds ~1%

1 Jul 2022 , 02:41 PM

Punjab National Bank informed that it has revised the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from July 1, 2022.

The new MCLR for overnight tenor has been revised to 6.90% as against the existing 6.75%. One-month tenor rate is increased to 6.95% against 6.80%.

The bank has made an effective 15 bps increase in the rates.

Bank’s three-month tenor MCLR has been revised to 7.05% against the existing 6.90%. Further, it has revised the six-month MCLR to 7.25% from 7.10%.

One-year MCLR is increased to 7.55% from the existing 7.40%. While the three-year tenor new MCLR is 7.85% from the existing 7.70%.

Bank has revised the Base Rate from 8.50% to 8.75% with effect from July 1, 2022, up by 25 bps.

PNB’s counter is currently trading at Rs29.35 up by Rs0.3 or 1.03% from its previous closing of Rs29.05 on the BSE. The scrip touched intraday high and low of Rs29.40 and Rs28.75 respectively.