Punjab -; Sind Bank announces revised MCLR, stock surges ~6%

16 Feb 2022 , 12:08 PM

In its regulatory filing on Wednesday, Punjab & Sind Bank Ltd. has informed the exchanges of the new Marginal Cost of Fund Based Lending Rate (MCLR) which shall be effective from February 16, 2022, for different tenors.

The bank stated that rates for Overnight MCLR will be 6.80%. One-month and three-month MCLR will be 6.90% and 7% respectively.

MCLR will be the highest for One-year tenor at 7.45%, whilst for six-month tenor will be 7.20%, being the second-highest rates.

Punjab & Sind Bank is a nationalized bank under the ownership of the Finance Ministry and head office located in New Delhi.

In a recent news, it was seen that the government in likely to infuse Rs4,100 crore in the bank during the current fiscal. Following which, its stock showed an upward movement and gained over 12% in today’s trade.

However, it was last trading at Rs16.85, up by 90 paise or 5.64% against its previous closing price of Rs15.95. Its scrip touched day’s high of Rs18 so far.