MUMBAI: State-run Central Bank of India on Friday said it is reducing its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective August 15. The bank has revised its one-year MCLR to 7.15 per cent from 7.20 per cent, it said in a release.

Since April 1, 2020, the lender has slashed its benchmark rate by 85 basis points from 8 per cent to 7.15 per cent, the release said.

Overnight and one-month MCLRs have been revised to 6.60 per cent as against 6.65 per cent.

Three-month MCLR has been revised to 6.90 per cent from 6.95 per cent.

Earlier this week, Union Bank of India had cut its MCLR by up to 15 basis points across various tenors. The lender had reduced its one-year MCLR to 7.25 per cent from 7.40 per cent.

Indian Overseas Bank (IOB) has also reduced its MCLR by 10 basis points across all tenors from August 10.

Last week, Pune-based Bank of Maharashtra (BOM) had cut its MCLR by up to 20 basis points (bps) for select tenors.

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