look news india
A day after the Reserve Bank of India kept the repo rate unchanged at 6.5 percent for the ninth consecutive time, some banks have changed the interest rate. These include Canara Bank, Bank of Baroda and UCO Bank.
Canara Bank Announcement
Public sector Canara Bank has increased the marginal cost of funds based interest (MCLR) by 0.05 percent. This increase has been made for loans of all tenures. Due to this, most consumer loans will become expensive. Canara Bank said in a notice to the stock market that the MCLR for one year tenure will now be nine percent. Currently it is 8.95 percent. It is used to decide the interest on most consumer loans like vehicle and personal.
The MCLR for three years will be 9.40 percent while for two-year tenure, the MCLR has been increased by 0.05 percent to 9.30 percent. The interest rate for one month, three months and six months tenure will be in the range of 8.35-8.80 percent. The new rates will be effective from August 12, 2024.
Bank Of Baroda
Apart from this, Bank of Baroda has changed the MCLR for some period from August 12. UCO Bank's Asset Liability Management Committee (ALCO) will increase the lending rate by five basis points (bps) for some period from August 10.
RBI decision
RBI Governor Shaktikanta Das on Thursday informed about the decision taken in the three-day meeting of the Monetary Policy Committee (MPC) starting from Tuesday. He said that the repo rate has been kept unchanged at 6.5 percent while maintaining a cautious stance on inflation. Four out of six members of the MPC voted in favor of keeping the policy rate unchanged. Let us tell you that in February last year, the MPC revised the policy rate to 6.5 percent.
