Central Bank of India cuts MCLR by 5 bps across tenors - All details here

State-run Central Bank of India has reduced its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors. The decision has come into effect from August 15. The bank has revised its one-year MCLR to 7.15 per cent from 7.20 per cent. Since April 1, 2020, the lender has slashed its benchmark rate by 85 basis points from 8 per cent to 7.15 per cent. Overnight and one-month MCLRs have been revised to 6.60 per cent as against 6.65 per cent. Three-month MCLR has been revised to 6.90 per cent from 6.95 per cent.

Central Bank of India reduced its MCLR by 5 bps across all tenors w.e.f 15th August 2020. With this, the Bank has reduced its benchmark rate by 85 bps since 01/04/2020 (i.e. from 8.00% to 7.15%). Please see the revised tenor wise MCLR at-https://t.co/i5NQ38zMVi

— Central Bank of India (@centralbank_in) August 17, 2020

Earlier this week, Union Bank of India had cut its MCLR by up to 15 basis points across various tenors. The lender had reduced its one-year MCLR to 7.25 per cent from 7.40 per cent.

Indian Overseas Bank (IOB) has also reduced its MCLR by 10 basis points across all tenors from August 10.

Last week, Pune-based Bank of Maharashtra (BOM) had cut its MCLR by up to 20 basis points (bps) for select tenors.

Recently, in the 14th consecutive rate cut since July 2019, Union Bank of India had reduced Marginal Cost of Funds- based Lending rate (MCLR) by up to 15 basis points across various tenors. One year MCLR now stands at 7.25%, down from 7.40%. Revised MCLR will be effective from 11th Aug 2020.

Earlier, the Union Bank of India had expanded the insurance distribution channels after the amalgamation of Andhra Bank and Corporation Bank with it with effect from April 1, 2020. With this, all branch outlets of Union Bank of India will offer Insurance products of three life insurers, four general insurers and two standalone health insurers, the bank said in a statement. Prior to amalgamation Union Bank was distributing life insurance products of SUD Life Insurance Co Ltd, general insurance products of Bajaj Allianz General Insurance, New India Assurance Co Ltd and Chola M.S. General Insurance Co Ltd and health insurance products of Religare Health Insurance Co Ltd under corporate agency tie-up agreements.