Bank Of Baroda, UCO Bank, Canara Bank Hike MCLR By 0.05%

Bank of Baroda, UCO Bank, and Canara Bank have hiked the marginal cost of funds-based lending rate by 5 basis points, or 0.05%, across certain tenures, according to exchange filings on the BSE.

The revised MCLR of UCO Bank will be effective from Aug. 10, 2024, while those of Bank of Baroda and Canara Bank will be effective from Aug. 12.

The MCLR on overnight and one-month tenure loans has risen by 5 basis points for UCO Bank and Canara Bank, from 8.15% and 8.30% to 8.20% and 8.35%, respectively. The MCLR overnight and one-month tenure loans for Bank of Baroda remained unchanged.

The MCLR on three-month tenure loans for Bank of Baroda rose from 8.45% to 8.50%, while at Canara Bank it changed from 8.40% to 8.45%. The MCLR on six-month-tenure loans for Bank of Baroda rose from 8.70% to 8.75%, while that of UCO Bank and Canara Bank changed from 8.75% to 8.80%.

The MCLR on one-year tenure loans for Bank of Baroda and UCO Bank similarly saw a five basis point hike to 8.95%, while that of Canara Bank rose to 9.00% and that of three-year tenure loans for Canara Bank was bumped 5 basis points to 9.40% MCLR.

Shares of Canara Bank closed 3.41% higher at Rs 107.15 apiece on the NSEE, compared to a 1.04% uptick in the NSE Nifty 50.

Shares of Bank of Baroda closed 2.09% higher at Rs 241.35 apiece on the NSE, while those of UCO Bank ended 0.35% higher at Rs. 51.47 apiece on the NSE.