UCO Bank Adjusts Lending Rates Amid Economic Shifts
UCO Bank has reduced its marginal cost of funds-based lending rates (MCLR) across various tenures by five basis points. The bank also increased its yield on 10-year government securities. This change affects retail and corporate loan benchmarks, with repo-linked rates and the base rate unchanged.
- Country:
- India
In a strategic move to align with dynamic market conditions, UCO Bank announced a reduction in its marginal cost of funds-based lending rates (MCLR) by five basis points across various tenures. The bank aims to provide more competitive loan options for its retail and corporate customers.
The revision includes a drop in the one-year MCLR to 8.90% from the previous 8.95%, effective September 10. MCLR for overnight, one month, three months, and six months have also been decreased accordingly, offering potential cost savings for borrowers.
Simultaneously, UCO Bank adjusted its yield on 10-year government securities to 6.78%, marking a significant rise from 6.51%. Despite these adjustments, the bank's repo-linked rates, base rate, and benchmark prime lending rate (BPLR) remain stable, ensuring a balanced approach to financial lending strategies.
(With inputs from agencies.)
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