The Bank of Baroda (BoB) announced on Monday that it has increased the marginal cost of fund-based lending rates by 0.05% across all tenors with effect from April 12, 2022.
The one-year benchmark duration of the MLCR will increase to 7.35%. The bank has approved the revision of the lending rate based on the marginal cost of funds (MCLR) with effect from April 12, 2022, the BoB said in a regulatory filing.
The overnight, one-month, three-month and six-month MCLRs were raised by 0.05% each to 6.50%, 6.95%, 7.10% and 7.20% respectively.
The one-year MCLR benchmark term will make consumer loans such as personal, auto, and home loans expensive, among others.
Notably, the Reserve Bank, in its monetary policy last week, kept the repo rate unchanged at 4%. However, he said he prioritized inflation over growth as geopolitical tensions fueled rising prices across the globe.
Shares of Bank of Baroda were trading at Rs 121.20, up 0.75% from the previous close.
(With PTI inputs)
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Posted: Monday April 11th 2022, 1:49 PM IST