Oriental Bank of Commerce cuts MCLR by up to 25 bps

Oriental Bank of Commerce (OBC) has cut its marginal cost of funds-based lending rates (MCLR) by up to 25 basis points across various tenors. With this, OBC’s overnight MCLR has come down to 7.90 per cent from 8.15 per cent.

The one-year MCLR now stands at 8.40 per cent down from 8.55 per cent. One-month MCLR is now 8 per cent (8.20 per cent); three-month MCLR is 8.15 per cent (8.35 per cent); and six-month MCLR is 8.30 per cent (8.45 per cent). 
The revised rates are applicable from today, an OBC statement said.
OBC, along with United Bank of India will merge with Punjab National Bank (PNB) and the board of PNB has given in-principle approval for amalgamation of the two banks, according to a regulatory filing by PNB.
The Alternative Mechanism headed by the finance minister after consultation with Reserve Bank of India has given the go-ahead for the merger of the three banks. 
The government on Friday unveiled a mega merger plan involving 10 public sector banks, to create four bigger banks, as part of the government’s aim of creating stronger, global-sized lenders.