SBI, PNB hike lending rates

New Delhi [India], March 01 (ANI): The Punjab National Bank (PNB) on Thursday increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 15 bps, with immediate effect.

It raised the key one-year MCLR to 8.30 percent from the existing 8.15 percent.

The five-year MCLR, on the other hand, was raised to 8.45 percent to 8.60 percent.

The country's largest bank, State Bank of India (SBI), too increased its interest rates on loans by 10-25 bps.

It raised the one-year MCLR to 8.15 percent from 7.95 percent.

The three-year MCLR was raised to 8.35 percent from 8.10 percent.

The MCLR is linked to the costs banks pay on their deposits and hence, a higher MCLR is an indication of the uptick in bank deposit rates. (ANI)

This story has not been edited. It has been published as provided by ANI