Public sector lender Bank of Baroda (BoB) said on Wednesday, April 10 it is raising its marginal cost of funds based lending rates (MCLR) by 5 basis points (bps), or 0.05%, across all tenures, except the one-month duration loans. The maximum lending rate is now 8.85%, the company stated.
The overnight lending rates have been increased from 8.05% to 8.10%. The lender has also hiked lending rates by 5 bps for three-month, six-month and one-year tenures. The rate for three-month tenure has been hiked to 8.45% from 8.40%; for six-month tenure to 8.65% from 8.60%; and for one-year tenure to 8.85% from 8.80%. The MCLR remains unchanged at 8.30% for a one-month tenure.
The revised rates will come into effect on Friday, April 12, the company said in a regulatory filing. Earlier, the lending rates of the public lender were hiked in January.
In a quarterly update released by the lender earlier this month, Bank of Baroda's global business saw an increase to ₹24.16 lakh crore, compared to ₹22.94 lakh crore in the previous quarter and ₹21.73 lakh crore year-on-year (YoY).
The bank's global deposits surged to ₹13.27 lakh crore, up from ₹12.45 lakh crore in the previous quarter and ₹12.03 lakh crore YoY. Similarly, domestic deposits also showed a significant uptick to ₹11.29 lakh crore.
Shares of Bank of Baroda closed up 1,96% at ₹270.55 apiece on Wednesday, April 10.
