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Banking majors hike MCLR rate for one-year loan

National |  IANS  | Published :

Mumbai, June 2 (IANS) Banking majors SBI and PNB on Friday hiked their benchmark marginal cost of funds based lending rate (MCLR) for its one-year loans by 10 basis points, effective from June 1.

A basis point is equivalent to 0.01 percentage point.

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