Punjab and Sind Bank ups MCLR on most tenures by 15-25 bps from today

The lender has not increased the rates for loans with a one-month term. Loan interest rates would vary from 7.30 to 8.30% after the modification

FPJ Web DeskUpdated: Monday, January 16, 2023, 11:55 AM IST
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Punjab and Sind Bank ups MCLR on most tenures by 15-25 bps from today | Image: Punjab and Sind Bank (Representative)

Punjab and Sind Bank has hiked its marginal cost of funds-based lending rates by 15-25 basis points on most tenures, effective today, according to information on the bank's website.

The lender has not increased the rates for loans with a one-month term. Loan interest rates would vary from 7.30 to 8.30% after the modification.

The state-owned bank increased the marginal cost of funds-based lending rate across all loan tenures by 10-15 bps in December.

Banks must assess their lending rates monthly in accordance with Reserve Bank of India regulations based on the marginal cost of funds.

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