Punjab and Sind Bank has hiked its marginal cost of funds-based lending rates by 15-25 basis points on most tenures, effective today, according to information on the bank’s website.
Read More: ShareChat Layoffs: Company fires 20% employees in a fresh round of job cuts
The lender has not increased the rates for loans with a one-month term. Loan interest rates would vary from 7.30 to 8.30% after the modification.
The state-owned bank increased the marginal cost of funds-based lending rate across all loan tenures by 10-15 bps in December.
Read More: Jio 5G now available in more than 100 Indian cities; check if your city is in the list
Banks must assess their lending rates monthly in accordance with Reserve Bank of India regulations based on the marginal cost of funds.
