The Bank of Baroda’s overnight, one-month, three-month and six-month marginal cost-based lending rates were raised by 0.05% to 6.50%, 6.95%, 7.10% and 7.20% respectively
The Bank of Baroda’s overnight, one-month, three-month and six-month marginal cost-based lending rates were raised by 0.05% to 6.50%, 6.95%, 7.10% and 7.20% respectively
The state-owned Bank of Baroda (BoB) announced on Monday that it had raised the marginal cost of fund-based lending rates by 0.05% across all maturities effective April 12, 2022.
The benchmark 1-year MLCR will rise to 7.35%. The bank has approved the review of the marginal cost ratio for fund-based lending (MCLR) effective April 12, 2022, BoB said in a regulatory filing.
The overnight, one-month, three-month, and six-month MCLRs were each raised 0.05% to 6.50%, 6.95%, 7.10%, and 7.20%, respectively.
The one-year benchmark MCLR, among other things, will make consumer loans such as personal, auto and home loans expensive.
Notably, the Reserve Bank’s monetary policy last week left the repo rate unchanged at 4 percent. However, it has meant prioritizing inflation over growth as geopolitical tensions have fueled price increases around the world.
Bank of Baroda shares traded at £121.65, up 1.08% from the previous close.
