Bank of Maharashtra, Dhanlaxmi and Syndicate Bank maintain MCLR for one year

Bank of Maharashtra, Dhanlaxmi Bank and Syndicate Bank have maintained Marginal Cost of fund-based Lending Rate (MCLR) for one year. Bank of Maharashtra maintained one-year MCLR at 8.75%, while six-months MCLR was maintained at 8.40%. Dhanlaxmi Bank set 3-6 months MCLR at 9.25% and 6 months-1 year MCLR at 9.70%. Similarly, Syndicate Bank maintained one-year MCLR at 8.65% and six months MCLR at 8.40%. The changes in lending rates of banks comes after Reserve Bank of India (RBI), in in its third bi-monthly monetary policy statement for 2018-19, increased the short-term lending rate by 25 basis points to 6.50 per cent.