Bank of Baroda Hike MCLR: MCLR is the rate below which the bank cannot offer loans to customers. MCLR is directly linked to the loan rate and an increase in it increases the EMI of the customers’ existing loan. The bank’s global business has increased.
Bank of Baroda Hike MCLR: Public sector Bank of Baroda has shocked its customers. The bank has increased its marginal cost lending rates (MCLR) by 5 basis points (BPS). This will make almost all types of loans expensive. MCLR is the rate below which the bank cannot offer loans to customers. MCLR is directly linked to the loan rate and an increase in it increases the EMI of the customers’ existing loan. After the increase in MCLR, the loan rates will be between 8.15-8.90 percent. The new rates have become effective from July 9.
How much has MCLR increased
According to Bank of Baroda, the one-year benchmark MCLR has increased by 0.05 percent. After this, it has increased from 8.85 percent to 8.90 percent. Overnight MCLR has increased from 8.10 percent to 8.15 percent. One-month MCLR has increased from 8.30 percent to 8.35 percent. As per the rules of the Reserve Bank of India (RBI), banks are required to review their MCLR every month.
Revised Rate
- Overnight 8.15 percent
- One month 8.35 percent
- Three months 8.45 percent
- 6 months 8.70 percent
- One year 8.90 percent
Bank’s global business jumps
The bank’s global business saw a growth of 8.52 per cent year-on-year, reaching Rs 23.77 lakh crore. The growth was driven by a strong jump in global deposits, which grew 8.83 per cent year-on-year (YoY) to Rs 13.05 lakh crore.
Bank of Baroda shares
Bank of Baroda shares closed 1.82 per cent lower at Rs 256.95 on Wednesday afternoon. As of March 31, 2024, promoters held 63.97 per cent stake in the company, while FIIs held 12.4 per cent and DIIs held 16.02 per cent.
