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New Delhi: Leading Public Sector Banks Punjab National Bank (PNB) and Bank of Baroda (BoB) has increased its lending rates by up to 25 basis points following the interest rate hike by the Reserve Bank earlier this week.
PNB said in a regulatory filing that it has increased the Repo Linked Lending Rate (RLLR) by 25 basis points from 8.75 per cent to 9 per cent with effect from Thursday.
The Reserve Bank on Wednesday raised the benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
This was the sixth time the interest rate was hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of increase to 250 basis points.
Bank of Baroda increased marginal cost of funds based lending rate (MCLR) by 5 basis points for all tenors.
BoB said in a regulatory filing that the new rates are effective from February 12.
After the latest revision, its MCLR for the overnight tenor has increased to 7.90 per cent from 7.85 per cent.
MCLR has been increased from 8.15 per cent to 8.20 per cent for one month.
The MCLR has been increased from 8.25 per cent to 8.30 per cent for three-month tenure, while it has been increased from 8.5 per cent to 8.55 per cent for one-year tenure.
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