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- State Bank of India and Bank of Baroda have increased their marginal cost of funds based lending rates (MCLR).
- State Bank of India (SBI) has increased MCLRs between 5 to 10 basis points (bps) on various tenors. It has become effective from 15th July.
- It has revised its one month MCLR by 5 bps to 8.35 per cent from 8.3 per cent.
- This is the second time that MCLR has been raised in the last two months.
- Bank of Baroda (BoB) increased MCLRs by 5 bps on select tenors.
- It has increased one-year MCLR to 8.9 per cent from 8.85 per cent.
- MCLR is the minimum interest rate below which banks and non-banking finance companies (NBFCs) cannot lend. It was introduced on April 1, 2016.
- Under MCLR, banks fix interest rates for borrowers based on the marginal cost.
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