Bank of Baroda cuts lending rate by 0.2%
Bank of Baroda (BoB), one of the largest public sector lenders, has revised its benchmark lending rates i.e. MCLR across various tenors. The revision will be effective from December 7, 2016 and will be applicable to all new and renewed borrowal accounts.
The bank has reduced (MCLR) by 0.2 per cent from 9.25 per cent to 9.05 per cent for 1-year tenure, it said.
For three months, MCLR has been reduced by similar percentage points to 8.95 per cent and for six months, the rate will be 9 per cent.,
Recently, the bank has raised Rs 10 billion by issuing bonds that are compliant with global capital adequacy norms or Basel III.
The bank has issued and allotted bonds on December 2, 2016. The bonds will carry interest rate of 8.5 percent.