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Bank of Baroda raises MCLR across various tenures

Bank of Baroda raises MClR across various tenures

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Bank of Baroda. (Photo: Twitter/@bankofbaroda)
Mumbai, June 5 (IANS) State-owned Bank of Baroda on Tuesday said it will hike its benchmark marginal cost of funds based lending rate (MCLR) by 5 basis points, across various tenures from June 7.
"The bank's 1-year MCLR will be 8.45 per cent, which is competitive as per the current market scenario," the bank said in a statement.
"For all other tenors: overnight, one month, three months and six months rates will be 7.95 per cent, 8 per cent, 8.10 per cent and 8.30 per cent, respectively."
A basis point is equivalent to 0.01 percentage point.
The lending major attributed the increase in MCLR to higher cost of "fund and rising interest rate scenario".
Last week other lending majors -- SBI, PNB, ICICI Bank -- had hiked their benchmark MCLR.
--IANS
rv/mr

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(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

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