Oriental Bank of Commerce cuts MCLR by 0.10% for various tenors

State-owned Oriental Bank of Commerce (OBC) has cuts the marginal cost of funds-based lending rate (MCLR) by up to 0.10 percent for various tenors with effect from June 11.

"This is to inform that the bank has revised MCLR for different tenors with effect from June 11," the bank said in a regulatory filing.

MCLR for one-month loan and 6-month tenor has been reduced by 0.10 percent to 8.35 percent and 8.60 percent, respectively.

Earlier, MCLR for one-month loan and 6-month tenor was 8.45 percent and 8.70 percent respectively.

Likewise, for one-year tenor loans, MCLR has been decreased by 0.05 percent to 8.70 percent from 8.75 percent earlier.

OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 percent and 8.50 percent, respectively.

The announcement came after the Reserve Bank of India cut the repo rate by 25 basis points to 5.75 percent in its bi-monthly policy meeting last week, taking it down to a nine-year low since July 2010.

Banks review MCLR every month.