Punjab National Bank (PNB), Indian Bank, UCO Bank, Bank of India (BoI) and Karur Vysya Bank (KVB) announced reduction in certain key rates in the backrop of the Reserve Bank of India on Friday slashing repo rate by 50 bps.
PNB said consequent to the change it is revising repo linked lending rate (RLLR) from 8.85% to 8.35%, inclusive of business strategic premium of 20bps, effective June 9. The Marginal Cost of Lending Rate (MCLR) and base rate remain unchanged, PNB said.
UCO Bank said it is reducing MCLR by 10 basis points across tenors effective June 10. The new rates are 8.15% for Overnight tenor; 8.35% for one month; 8.50% for three month; 8.80% for six month; and 9% for one year.
The bank has also announced changes effective June 9 to TBLR, G-sec linked rate and repo linked rate.
KVB said it will reduce Six Month MCLR to 9.80% from the existing 9.90%; and One Year MCLR to 9.80% (10%) effective June 7. The Overnight, One Month and Three Month MCLR remain unchanged, a filing to the stock exchanges by the bank showed.
Indian Bank said its repo linked benchmark lending rates (RBLR) effective June 9 will be 8.20% as against the existing 8.70%. Bank of India said effective June 6 it has reduced the RBLR to 8.35% (8.85%).
Published – June 06, 2025 09:05 pm IST