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Bank Of Baroda Hikes Lending Rates

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Bank of Baroda will be raising its marginal cost of funds based lending rate (MCLR) by 0.05 percent across various tenures. According to its filing at the BSE on Saturday, the new rates will come into effect from 7 May 2019.

Bank Of Baroda Hikes Lending Rates
 

MCLR for overnight tenure was increased to 8.30 percent from the earlier 8.25 percent. The lending rates for the one-month and three-month tenures were also raised similarly to 8.35 percent and 8.45 percent, respectively.

Further, the rates for six-month tenure will be hiked to 8.65 percent while that of the one-year tenure will be increased to 8.70 percent.

Tenure MCLR (%) with effect from 07.04.2019 MCLR (%) with effect from 07.05.2019
Overnight 8.25 8.30
1 Month 8.30 8.35
3 Month 8.40 8.45
6 Month 8.60 8.65
1 Year 8.65 8.70

The recently created banking behemoth post its amalgamation with Vijaya Bank and Dena Bank had revised its MCLR rates in April. The bank is currently working on its structural change after the merger and its complete integration is expected to take at least a couple of years.

Shares of Bank of Baroda were trading lower by 1.09 percent at Rs 117.75 apiece on Monday morning.

Read more about: bank of baroda
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