Central Bank of India cuts MCLR on loans

The Central Bank of India, announced on Tuesday, that it has reduced its marginal cost of funds-based lending rate (MCLR) on loans by 40 basis points (bps) across all tenors. (1 bps = 0.01 per cent) The new rates will be effective from April 15, 2020. After the reduction, the one-year MCLR rate now stands at 7.6 per cent a year, down from 8 per cent earlier.