Punjab National Bank (PNB) and Bank of India will increase their marginal cost of funds-based lending rates (MCLR) by 5 basis points effective December 1. PNB is increasing its one-year MCLR from 8.95% to 9.0%, while Bank of India is increasing its one-month MCLR from 8.40% to 8.45% and three-month MCLR from 8.55% to 8.60%. The overnight, six-month, one-year, and three-year MCLRs for both banks will be maintained at the same rates as of November 1. This change is likely to impact consumer loans, as it is a key benchmark for lending rates. The changes will apply to all existing and new customers, and are effective December 1. The increases are part of the banks’ efforts to manage their liquidity and maintain a healthy balance sheet.
Source: https://www.thehindu.com/business/pnb-bank-of-india-revise-mclr-upwards/article68932028.ece