Bank of Baroda hikes MCLR across tenors by 0.05%

Bank of Baroda’s marginal cost of fund-based overdraft rates on overnight, one-month, three-month and six-month periods has increased by 0.05% each to 6.50%, 6.95%, 7.10% and 7.20, respectively %.

Bank of Baroda’s marginal cost of fund-based overdraft rates on overnight, one-month, three-month and six-month periods has increased by 0.05% each to 6.50%, 6.95%, 7.10% and 7.20, respectively %.

State-owned Bank of Baroda (BoB) said Monday it has increased the marginal cost of fund-based lending rates by 0.05% effective April 12, 2022.

The benchmark for one-year maturity MLCR will rise to 7.35%. The bank has approved the marginal cost revision of the fund-based lending rate (MCLR) effective April 12, 2022, BoB said in a regulatory filing.

The one-month, three-month, and six-month MCLRs were increased by 0.05% each to 6.50%, 6.95%, 7.10%, and 7.20%, respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto, and home loans pricey, among others.

In particular, the Reserve Bank kept the repo rate unchanged at 4 percent in its monetary policy last week. However, it said it would prioritize inflation over growth, as geopolitical tensions have fueled price increases around the world.

Shares of Bank of Baroda traded at ₹121.65, up 1.08% from the previous close.

www.thehindu.com

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