United Bank of India has cut the Marginal Cost of Funds based Lending Rate (MCLR) effective from October 17, 2016. The overnight, 6 month, I Yr MCLR are revised to 9.20% p.a, 9.35% p.a, 9.40% p.a respectively, while the 1month and 3month MCLR are revised to 9.25% p.a and 9.30% p.a respectively.
United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
