PNB raises bench­mark lend­ing rate by up to 0.2%

Business Standard - - FRONT PAGE -

Pun­jab Na­tional Bank (PNB) on Satur­day in­creased its bench­mark lend­ing rates for 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, against 7.9 per cent, PNB said. 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 the Re­serve Bank of In­dia’s mon­e­tary pol­icy re­view on Oc­to­ber 5.

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