Following the Reserve Bank’s rate hike earlier this week, leading public sector lenders Punjab National Bank (PNB) and Bank of Baroda (BoB) increased their lending rates by up to 25 basis points.
In a regulatory filing, PNB announced a 25 basis point rise in the repo Linked Lending Rate (RLLR) from 8.75% to 9% starting Thursday.
The Reserve Bank raised the benchmark policy rate by 25 basis points to 6.5 percent on Wednesday, citing persistent core inflation.
The Reserve Bank of India (RBI) raised interest rates for the sixth time since May of last year, bringing the total to 250 basis points.
BoB raised its Marginal Cost of Funds-Based Lending Rate (MCLR) across all tenures by 5 basis points.
The revised prices go into effect on February 12, according to a regulatory filing by BoB.
Following the most recent revision, its overnight MCLR increased from 7.85 percent to 7.90 percent.
The one-month MCLR has been hiked from 8.15 percent to 8.20 percent.
The three-month MCLR has risen from 8.25 percent to 8.30 percent, while the one-year MCLR has risen from 8.5 percent to 8.55 percent, according to the report.
