PNB to reduce its MCLR from August

Mumbai: State-run lender Punjab National Bank (PNB) on Saturday said that it will reduce its marginal cost of funds-based lending rate (MCLR) from August 1. The bank said in a regulatory filing to BSE that it will reduce the MCLR by 0.05 per cent across all tenor categories. The new MCLR rate would range from 9.10-9.65 per cent for different tenor categories.  The bank's new overnight MCLR would stand at 9.10 per cent from the existing 9.15 per cent.