Bank of Baroda (BoB) increases Benchmark Lending Rate by 10 Basis Points

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One day after the Reserve Bank of India's 1st monetary policy, India’s 2nd biggest bank by assets, Bank of Baroda (BoB) has raised it's Benchmark Lending rate by 0.1 per cent or 10 basis points. This move will make the loans expensive.

The bank has raised marginal cost of funds based lending rate (MCLR) by 0.1 per cent to 8.40 per cent for 1-year tenure. The hike will increase interest rates on home and other loans linked to one-year MCLR by 10 basis points.

The revised rates are effective from tomorrow (7th April 2018).

About Bank of Baroda :

• Headquarters : Vadodara (Gujarat)
• Chairman : Ravi Venkatesan
• MD & CEO : P. S. Jayakumar
• Established on : 20th July 1908
• Founder : H. H. Sir Sayajirao Gaekwad III
• Total Branches : 5481

Important Note : In it's 1st monetary policy meeting of the new fiscal year 2018-19, the Reserve Bank of India (RBI) yesterday kept the Repo Rate unchanged at 6% for the 4th time in a row. The reverse repo rate remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%.

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