NEW DELHI : In a relief for the common man, banks and NBFCs have off late announced rate cuts, with Union Bank of India and PNB Housing Finance Ltd joining the fray on Friday.

The Union Bank of India has reduced Marginal Cost of Funds-based Lending rate (MCLR) in the range of 5-15 basis points (bps) across all tenors.

In a statement, the bank said that its overnight MCLR has been reduced by 15 bps to 7.15 per cent, and one-month MCLR by 10 bps to 7.25 per cent.

The three-month and six month MCLRs have been reduced by 5 bps to 7.40 per cent and 7.55 per cent respectively. The one-year MCLR now stands at 7.70 per cent, down from 7.75 per cent.

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Coronavirus outbreak: Trudeau responds to Scheer’s calls for more oversight in the House of Commons

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

Union Bank, PNB Housing Finance announce rate cuts

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