03 March 2018

PNB and ICICI Bank Increases MCLR Rates

PNB and ICICI Bank Increases MCLR Rates

The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country's second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%.
The PNB, which is at the centre of Nirav Modi fraud also increased one-year MCLR to 8.3% from 8.15%.

Source- The Times of India

Static/Current Takeaways Important for Canara Bank PO 2018 Exam-
  • MCLR stands for- Marginal Cost of funds based Lending Rate.

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