new Delhi. Public sector banks of Baroda and Union Bank of India announced on Wednesday the reduction in the rates of marginal cost of funds (MCLR) for all their customers. Bank of Baroda has reduced MCLR by 0.15 per cent and Union Bank of India by 0.10 per cent. Bank of Baroda deduction will be effective from June 12 and Union Bank will be effective from June 11.
According to a release by Bank of Baroda, its revised MCLR for one year loan will be 7.65 percent. Right now it is 7.80 percent. Similarly, Union Bank of India has reduced its MCLR from 7.70 per cent to 7.60 per cent on one year loan. Banks fix the interest rates on most of their loans at the rate of one year of MCLR.
Earlier, State Bank of India announced a 0.25 percent reduction in its MCLR based interest rate. Private sector HDFC Bank and state-run Bank of Maharashtra have also announced a reduction in their standard rate of credit by 0.05 per cent and 0.20 per cent respectively. Their revised rates became effective from June 8. PNB also in its MCLR last week
0.15 percent reduction was announced. After the continued reduction in the policy interest rate by the Reserve Bank and measures to increase the cash, the loans for banks have become cheaper and more accessible. Banks are also reducing interest on customers' deposits.
This post was published on June 10, 2020 10:38 pm
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