PNB raises benchmark lending rate by up to 0.2 pc

Punjab National Bank (PNB) Saturday increased its benchmark lending rates or MCLR for the short-term loans by up to 0.2 per cent. With the revision overnight Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.2 per cent as against 7.9 per cent, PNB said in a filing on stock exchanges.

The MCLR for a one-month tenor increased to 8.10 per cent from 8.05 per cent earlier. The new rates are effective from October 1. 

The rate hike comes ahead of monetary policy review announcement on October 5.