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Bank of Baroda, on Wednesday, said it will raise its marginal cost of funds-based lending rate (MCLR) across all tenors by 5 basis points with effect from September 7.
This increase in the MCLR comes in the wake of the Reserve Bank of India raising the policy repo rate by 25 basis points to 6.50 per cent last month, rising credit demand, and State Bank of India increasing its MCLR by 20 basis points across tenors. One basis point (bp) is equal to one-hundredth of a percentage point.
Bank of Baroda’s benchmark one-year MCLR will be 8.55 per cent against 8.50 per cent. The public sector bank’s overnight and six-month MCLR will be 8.05 per cent (8 per cent now) and 8.40 per cent (8.35 per cent), respectively.
SBI had increased its MCLR across all tenors by 20 bps with effect from September 1.
ICICI Bank has increased its MCLR across tenors by 15-25 basis points.
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