PNB raises benchmark lending rate by up to 0.2%

Punjab National Bank (PNB) Saturday increased its benchmark lending rates or MCLR for the short-term loans by up to 0.2 percent. With the revision overnight Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.2 percent as against 7.9 percent, PNB said in a filing on stock exchanges. The MCLR for a one-month tenor increased to 8.10 percent from 8.05 percent earlier.

The new rates are effective from October 1.