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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