State-owned Oriental Bank of Commerce on Thursday announced to cut the marginal cost of funds based lending rate (MCLR) for various tenors by 0.05-0.15 per cent. The bank has decided to reduce the MCLR for different tenors with effect from January 10, 2020, it said in a regulatory filing.
It has cut the benchmark one year MCLR — against which most of the consumer loans are priced — by 0.15 percentage points to 8.15 per cent. For other tenors from overnight to 6-months, the MCLRs have been cut in the range of 0.05-0.10 per cent. Stock of Oriental Bank closed at Rs 51.25 on the BSE, up 1.28 per cent from its previous close.