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Last Updated : Sep 08, 2020 08:05 AM IST | Source: PTI

Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10.

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State-run Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by up to 10 basis points for select tenors effective Monday.

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Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10.

Bank of Maharashtra has reduced its one-year and six-month MCLR to 7.30 percent (from 7.40 percent) and 7.25 percent (from 7.30 percent) respectively, it said in a release.

For overnight, one-month and three-month tenors, the Pune-based lender's MCLRs have been revised to 6.80 percent, 7 percent and 7.20 percent respectively.

In a filing to exchanges, IOB said its one-year MCLR has been revised to 7.55 percent from 7.65 percent , effective September 10.

Three-month and six-month MCLRs have been cut to 7.45 percent from 7.55 percent.

First Published on Sep 8, 2020 08:15 am
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