Bank of Baroda hikes lending rates by 5 basis points across three tenures

The one-year MCLR has risen to 8.85%, while the six-month and three-month MCLR rates have been increased to 8.65% and 8.45%, respectively

State-run lender Bank of Baroda has increased its marginal cost of fund-based lending rate (MCLR) by 5 basis points across three tenures.

The one-year MCLR has risen to 8.85 per cent, while the six-month and three-month MCLR rates have been increased to 8.65 per cent and 8.45 per cent, respectively. Most non-retail loans are linked to the one-year MCLR.

The Reserve Bank of India (RBI), in its April review of the monetary policy, decided to keep the policy repo rate unchanged at 6.5 per cent. The RBI highlighted that the monetary transmission due to a 250 basis points increase in the repo rate since May 2022 has been incomplete, and it expects further rate adjustments by banks. Last month, HDFC Bank, the country's largest private sector lender, raised its MCLR on a few tenures by 5 basis points.

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