Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Bank of Baroda hikes MCLR by 5 basis points
BackBack

Bank of Baroda hikes MCLR by 5 basis points

Bank of Baroda has hiked the lending rates for overnight tenor to 8.30% from the previous 8.25%
  • Rate for six-month tenor has been hiked to 8.65% and one-year tenor to 8.70% with effect from May 7
  • The logo of Bank of Baroda is pictured outside its branch in Mumbai. (Photo: Reuters)Premium
    The logo of Bank of Baroda is pictured outside its branch in Mumbai. (Photo: Reuters)

    State-run Bank of Baroda (BoB) has increased its marginal cost of funds based lending rate (MCLR) by 5 basis points for tenor upto 1 year with effect from tomorrow.

    Bank of Baroda, which had recently amalgamated with Dena Bank and Vijaya Bank, has hiked the lending rates for overnight tenor to 8.30% from the previous 8.25%, the PSU bank said in a BSE filing.

    Similarly, for one-month and three-month tenors the interest rates have been increased to 8.35% and 8.45%, respectively.

    Rate for six-month tenor has been hiked to 8.65% and one-year tenor to 8.70%.

    Last month, State Bank of India (SBI) had reduced its MCLR rate by 5 basis points, HDFC Bank by 5-10 bps.

    The Reserve Bank of India (RBI) has reduced its key policy rate by 50bps over two consecutive rate cuts since February.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 06 May 2019, 10:17 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie