NEWS
Canara Bank, Bank of Baroda raise lending rates
Canara Bank and Bank of Baroda have raised MCLR by up to 10 basis points, despite RBI retaining repo rate at 6.50%.
Canara Bank and Bank of Baroda have raised MCLR by up to 10 basis points, despite RBI retaining repo rate at 6.50%.
Canara Bank and Bank of Baroda have raised the marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, despite the Reserve Bank of India (RBI) retaining the repo rate at 6.50% on Thursday.
The move will make EMIs linked to MCLR expensive.
The one-year tenor MCLR is the rate against which most consumer loans are tied to.
The revised one-year MCLR would be 8.70% as against the existing rate of 8.65%, Bank of Baroda said in a regulatory filing.
The new rate would be effective from 12 August, it said.
Canara Bank too raised its MCLR by 5 basis points to 8.70% effective 12 August.
The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50 per cent with preparedness to act, should the situation so warrant, RBI Governor Shaktikanta Das said on Thursday after the MPC meeting.
