Bank of Baroda Hikes MCLR by 5 BPS: Check Latest Lending Rates

Bank of Baroda MCLR Rate 2024: The public sector bank has raised the lending rates on most of the tenures. Here are the latest MCLR of the bank.
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Bank of Baroda Hikes MCLR by 5 BPS: Check Latest Lending Rates (Image Source: iStock)

State-owned Bank of Baroda announced that it will increase its marginal cost of funds-based lending rate (MCLR) on most tenures starting Friday. The bank made this announcement on Tuesday, July 9.

What Is Bank of Baroda's New Lending Rate?

The new lending rates will range from 8.15 per cent to 8.90 per cent.

What Is RBI Rule On MCLR?

According to the Reserve Bank of India's (RBI) norms, banks are required to review their MCLR every month.

What Are Revised Rates For Various Tenures?

The revised rates for various tenures are as follows: the overnight rate will be 8.15 per cent, up from 8.10 per cent. The one-month rate will be 8.35 per cent, up from 8.30 per cent. The three-month rate remains unchanged at 8.45 per cent. The six-month rate will increase to 8.70 per cent from 8.65 per cent. The one-year rate will rise to 8.90 per cent from 8.85 per cent.

Bank of Baroda Share Price

On the National Stock Exchange, Bank of Baroda's share price settled 0.3 per cent lower at Rs 261.70.

Bank of Baroda's Global Business

The bank's global business saw an 8.52 per cent increase year-on-year, reaching Rs 23.77 lakh crore.
What Are Reasons For This Strong Rise?
This growth was mainly due to a strong rise in global deposits, which increased by 8.83 per cent year-on-year to Rs 13.05 lakh crore. Additionally, the bank's global advances grew by 8.14 per cent year-on-year to Rs 10.72 lakh crore. Domestically, the bank reported a 5.25 per cent increase in deposits over the past year, reaching Rs 11.05 lakh crore.
Board Approval Of Fund Raising
Earlier, the board of directors of Bank of Baroda approved raising additional capital of up to Rs 7,500 crore.
End of Article
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