Interest rates: Many public sector banks, including Bank of Baroda(BoB) and Canara Bank, have raised the Marginal cost of funds-based (MCLR) lending rate by up to 0.10 per cent. The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50 % in its monetary policy on Thursday. Besides this, various public sector banks have increased MCLR.
It is noted that the monthly instalment (EMI) linked to MCLR will raise with this step of RBI. BoB has informed the stock market that the one-year MCLR has been updated to 8.70 per cent. It is now 8.65 per cent. The new raised will be effective from today i.e. August 12.
In line with this Canara Bank has also raised the MCLR by 0.05 per cent. It sets the new rate at 8.70 per cent. The new rate will be effective from August 12.
One more public sector financial body Bank of Maharashtra (BoM) has raised the MCLR by 0.10 per cent.
BoM told the stock market, with this, the one-year MCLR has been raised from 8.50 per cent to 8.60 per cent. All these revised rates are effective from August 10.
