PNB, Bandhan Bank hike lending rates across tenures. Details here
- Shares of PNB were trading 0.21 per cent lower at ₹48.00 on BSE at 02:10 IST. Meanwhile, Bandhan Bank shares were trading 1.10 per cent higher at ₹229.90 on Tuesday
Kolkata-headquartered Bandhan Bank has raised the marginal cost of funds-based lending rates by 16 basis points (bps) across MCLR tenures from Tuesday. The new rates came into effect from 28 February, 2023, according to the Bandhan Bank website.
The overnight MCLR rate has been revised upward to 6.71 per cent, while that of one month tenure has been raised to 6.71 per cent, Bandhan Bank said.
The three-month MCLR has been hiked to 8.21 per cent. Among others, the six-month MCLR stands revised at 8.21 per cent, the lender said.
For one-year maturity, the bank said the new rate will be increased to 10.96 per cent. For two and three years maturity, the rate has been hiked to 10.96 per cent and 10.96 per cent respectively.
Also, state-owned Punjab National Bank (PNB) has also hiked lending rates by 10 bps across tenures from 1 March. The lender had increased the MCLR across tenures by 10 bps in February.
Shares of PNB were trading 0.21 per cent lower at ₹48.00 on BSE at 02:10 IST. Meanwhile, Bandhan Bank shares were trading 1.10 per cent higher at ₹229.90 on Tuesday.
MCLR is the minimum rate at which a bank can provide loans to its customers, which means the MCLR hike will make consumer, auto and home loans costlier for borrowers.
The hike comes days after the central bank announced a 25 bps repo rate hike to 6.5 per cent on 8 February, the highest since 2018, as it attempts to cool inflation closer to its target.
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First Published:28 Feb 2023, 02:18 PM IST
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