Current Affairs - Banking - Discussion

Allahabad Bank and PNB (Punjab National Bank) raised their marginal cost of funds-based lending rate (MCLR) by up to 10 basis points, with effect from July 1, 2018. One basis point equals one-hundredth of a percentage point. ? For loan of a six-month tenor, the borrowing rate will be costlier by 0.10 per cent to 8.40 per cent. ? For one year loan term, the new rates are up by 0.05 percent to 8.45 percent.