State-owned Bank of Baroda on Wednesday announced reduction in the marginal cost of funds based lending rate by 0.05 per cent across all tenors.
"The bank has revised marginal cost of funds based lending rate (MCLR) with effect from November 12, 2020," Bank of Baroda said in a regulatory filing.
The one-year tenor -- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 7.45 per cent from 7.5 per cent.
Among others, from overnight to six-month tenor loans, the MCLR has been cut to 6.60-7.30 per cent, the bank said.
Shares of Bank of Baroda were trading 1.76 per cent lower at Rs 47.35 apiece on the BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.