November 02, 2024 23:50 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Andhra Pradesh: Three-year-old girl raped and murdered by relative in Tirupati | Two terrorists killed in encounter with security forces in Kashmir's Anantnag | Bengal: 5-year-old girl raped and murdered in Alipurduar, accused beaten to death by angry villagers | Kashmir: Encounter breaks out between security forces and terrorists in Srinagar | Mumbai Police initiates extradition process to bring back Lawrence Bishnoi's brother Anmol Bishnoi from US
After UCO Bank, Bank of Baroda and Canara Bank to hike interest rates from Monday
Interest Rate
Photo Courtesy: Representational image by RDNE Stock Project on Pexels

After UCO Bank, Bank of Baroda and Canara Bank to hike interest rates from Monday

| @indiablooms | 10 Aug 2024, 05:58 pm

New Delhi/IBNS: Leading Indian public-sector banks such as UCO Bank, Canara Bank and Bank of Baroda have increased their Marginal Cost of Funds-based Lending Rates (MCLR) in different tenures which will result in higher costs for consumer loans, reports said.

According to reports, MCLR is the minimum lending rate below which a bank is not allowed to lend to its customers.

This development comes after the Reserve Bank of India (RBI) decided to keep the benchmark interest rate at 6.50 percent.

The revised rates for Bank of Baroda and Canara Bank will take effect from Monday (August 12), while UCO Bank has hiked the lending rate for specific tenures, effective Saturday (August 10).

Earlier on Thursday (August 8), RBI's Monetary Policy Committee (MPC) kept the policy rates unchanged at 6.5 percent, maintaining the status quo.

The MPC of the central bank continued with the policy stance of ‘withdrawal of accommodation’ despite highlighting good economic growth and signs of easing inflation.

The standing deposit facility (SDF) rate remains at 6.25 percent, while the marginal standing facility (MSF) rate and the bank rate will be at 6.75 percent, as per reports.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.