Bank of Baroda (BoB) has decided to hike its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across various tenors with effect from September 12.
The benchmark one-year MCLR has been hiked by 10 basis points from 7.70 per cent to 7.80 per cent. One basis point is equal to 0.01 per cent.
Banks’ usually lend to the corporate and agriculture segments at a spread to the relevant tenor MCLR.
BoB’s six months and one month MCLR have been revised by 10 basis points each to 7.65 per cent and 7.50 per cent, respectively. The three months MCLR has been upped 5 bps to 7.50 per cent.
The public sector bank effected the maximum increase of 15 basis points in the overnight MCLR to 7 per cent.