Bank Of Baroda Lowers MCLR By Up To 20 Basis Points
The public sector lender has reduced its one-year MCLR, to which all retail loans are linked to, by 5 basis points to 8.25 percent.
Bank of Baroda's overnight and one-month rates are down 20 basis points to 7.65 percent now. It has also reduced by 10 basis points its three-month and six-month MCLR to 7.80 percent and 8.10 percent, respectively.
Bank of Baroda’s MCLR cut comes even as India’s Monetary Policy Committee maintained status quo on repo rate—after five successive rate cuts.
On Tuesday, Bank of Baroda shares fell 1.29 percent to Rs 95.70 apiece on the NSE while the benchmark Nifty 50 shed 0.63 percent to end the day at 11,861.90 points.