OBC increases MCLR by 0.10 per cent from Thursday

State-owned Oriental Bank of Commerce (OBC) has raised the marginal cost of funds based lending rate (MCLR) by 0.10 per cent for various tenors with effect from Thursday.

"This is to inform that the bank has revised MCLR for different tenors with effect from October 11," the bank said in a regulatory filing.

MCLR for one year loan tenor, against which most of the retail loans are benchmarked, has been raised to 8.75 per cent, from 8.65 per cent earlier.

Likewise, for 6 months, 3 months and 1 month tenor loans, MCLR has been increased by 0.10 per cent each to 8.70 per cent, 8.50 per cent and 8.45 per cent, respectively.

For overnight tenor, MCRL is increased to 8.30 per cent.

RBI has kept the key repo rate unchanged at 6.50 per cent in its latest monetary policy meet.

Banks review MCLR every month.

Earlier in the day, Syndicate Bank said it has increased MCLR by 0.10 per cent for 3-month tenor, while keeping the other rates unchanged. The new rate has come to effect from Wednesday.

Stock of OBC closed 6.41 per cent higher at Rs 63.95 a piece on BSE.