New Delhi, May 31 (PTI) State-run Punjab National Bank (PNB) on Monday said it has reduced its benchmark one-year marginal cost of funds-based lending rate by 0.05 per cent to 7.30 per cent.

The marginal cost of funds-cased lending rate (MCLR) will come to effect from June 1, 2021, the bank said in a regulatory filing.

The six-month and three-month tenor MCLRs were cut by 0.10 per cent each to 7 per cent and 6.80 per cent, respectively.

The overnight, one-month and three-year MCLRs have been kept unchanged.

PNB stock closed 0.47 per cent up at Rs 42.40 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)