UCO Bank Cuts MCLR, Hikes G-Sec Benchmark

Kolkata, Sep 10 (PTI) UCO Bank on Wednesday said it has lowered the marginal cost of funds-based lending rates (MCLR) across tenures by five basis points, while increasing the yield on its 10-year government securities (G-sec).

MCLR serves as the benchmark for most retail and corporate loans.

Effective from September 10, the one-year MCLR has been reduced to 8.90 per cent from 8.95 per cent.

Such lending rates for loan tenures of overnight, one month, three months and six months have also been cut by five basis points each, the bank said in a regulatory filing.

UCO Bank revised only the 10-year G-sec yield, raising it to 6.78 per cent from 6.51 per cent.

Repo-linked rates, base rate and benchmark prime lending rate (BPLR) remain unchanged, the lender added.