PNB reduces MCLR by 70 bps with effect from Jan 1
After SBI, Punjab National Bank (PNB) has slashed its overnight Marginal cost of funds based lending rate (MCLR) by 70 bps to 8.20 per cent.
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New Delhi: After SBI, Punjab National Bank (PNB) has slashed its overnight Marginal cost of funds based lending rate (MCLR) by 70 bps to 8.20 per cent. The change will be applicable with effect from January 1 this year.
Around 85 basis points have been reduced in MCLR since November 2016.
This move has been prompted by huge flow of deposit into PNB post November 8 demonetisation announcement.
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