The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country’s second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%. The PNB, which is at the center of Nirav Modi fraud also increased one-year MCLR to 8.3% from 8.15%.