Bank of Baroda lowers MCLR lending rates
- The rate reduction comes even as the RBI in a surprise move had left the key policy rates unchanged at the last meeting
- With this, BoB’s overnight and one-month rates are down 20 bps to 7.65% now
Bank of Baroda, the country’s second largest public sector bank, has reduced its benchmark lending rates, or the marginal cost of funds-based lending rates (MCLR) across various tenures.
Its one-year MCLR will be 8.25 per cent, 5 bps below the existing level. The latest interest rate cut will be effective December 12.