A day after the Reserve Bank of India maintained the repo rate 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.
A day after the Reserve Bank of India maintained the repo rate 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’s 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. This will make most consumer loans 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 years the MCLR has been increased by 0.05 percent to 9.30 percent. The interest for one month, three months and six months 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 effective from August 10.
RBI decision
On Thursday, RBI Governor Shaktikanta Das informed about the decision taken in the three-day meeting of the Monetary Policy Committee (MPC) which started on Tuesday. He said that while maintaining a cautious stance on inflation, the repo rate has been kept unchanged at 6.5 percent. Four out of six members of the MPC voted in favour of keeping the policy rate unchanged. Let us tell you that the MPC had revised the policy rate in February last year and increased it to 6.5 percent.
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