Central Bank cuts MCLR by 5 bps across tenors

Central Bank of India has reduced marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across tenors. One-year MCLR is now at 7.10 per cent effective September 15. The public sector lender had reduced its one-year MCLR by 90 bps since April 1.