3 Indian public-sector banks increased their MCLR by 5 bps, raising loan costs for consumers.

3 Indian public-sector banks - Bank of Baroda, Canara Bank, and UCO Bank - raised their Marginal Cost of Funds-Based Lending Rate (MCLR) by 5 basis points, increasing the cost of loans for consumers. The Reserve Bank of India maintained the benchmark interest rate at 6.50% for the ninth consecutive meeting. This hike reflects the increasing cost of funds for these banks, leading to a decrease in their net interest margins.

August 09, 2024
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