UCO Bank on Wednesday announced a five-basis-point reduction in its marginal cost of funds-based lending rates (MCLR) across all tenures, while increasing the yield on its 10-year government securities to 6.78 per cent.

Effective September 10, the bank’s one-year MCLR has been cut to 8.90 per cent from 8.95 per cent. MCLR is the benchmark for most retail and corporate loans offered by the bank.