State-run Bank of Baroda (BoB) has increased its marginal cost of funds based lending rate (MCLR) by 5 basis points for tenor upto 1 year with effect from tomorrow. Bank of Baroda, which had recently amalgamated with Dena Bank and Vijaya Bank, has hiked the lending rates for overnight tenor to 8.30% from the previous 8.25%, the PSU bank said in a BSE filing. Similarly, for one-month and three-month tenors the interest rates have been increased to 8.35% and 8.45%, respectively. Last month, State Bank of India (SBI) had reduced its MCLR rate by 5 basis points, HDFC Bank by 5-10 bps. The Reserve Bank of India (RBI) has reduced its key policy rate by 50bps over two consecutive rate cuts since February.

Source: Mint May 06, 2019 04:47 UTC