Mumbai, Jul 10 (PTI) State-run Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by 20 basis points across tenors.

The new rates are applicable from July 11.

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The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, the bank said in a release.

Three-month and six-month MCLRs have been cut to 7.10 per cent and 7.25 per cent, respectively.

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This is the thirteenth consecutive rate cut by the lender since July last year.

The country's largest lender State Bank of India has also reduced its MCLR by 5-10 basis points (bps) for shorter tenors, effective Friday.

Another state-run Indian Overseas Bank (IOB) has cut its MCLR by up to 25 bps across tenors.

Earlier this week, Canara Bank and Bank of Maharashtra (BoM) also reduced their MCLRs by 10 bps and 20 bps, respectively across all tenors.

(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)