Three PSU lenders have announced marginal hike in lending rate for various tenures, according to exchange filings on August 9.
Bank of Baroda has changed the MCLR effective from August 12 some tenures. The Asset Liability Management Committee (ALCO) of UCO Bank will be hiking lending rate by 5 bps for some tenures effective from August 10. Canara Bank will be the hiking lending rate by 5 bps across tenures from Monday, August 12.
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Bank of Baroda’s MCLR changes are as follows:
| Tenors | Existing | MCLR From August 12 |
| Overnight MCLR | 8.15% | 8.15% |
| 1 Month MCLR | 8.35% | 8.35% |
| 3 Month MCLR | 8.45% | 8.50% |
| 6 Month MCLR | 8.70% | 8.75% |
| 1 Year MCLR | 8.90% | 8.95% |
UCO Bank’s revised MCLR and TBLR is effective from August 10. Other Benchmark rates with respect to the Repo Linked rate, Base Rate and BPLR remain unchanged.
| UCO Bank’s MCLR Tenor | Revised Rate (w.e.f. 10.08.2024) |
| Overnight | 8.20% |
| One month | 8.35% |
| Three month | 8.50% |
| Six month | 8.80% |
| One year | 8.95% |
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UCO Bank’s Other Benchmark Rates:
| Benchmark | Rate |
| TBLR (3 month) w.e.f. Aug 10 | 6.70% |
| TBLR (6 month) w.e.f. Aug 10 | 6.85% |
| TBLR (12 month) w.e.f. Aug 10 | 6.90% |
| Repo Linked Rate – UCO Float | 9.30% |
| Base Rate | 9.60% |
| BPLR | 14.25% |
Following are the Marginal Cost of Funds Based Lending Rate (MCLR) of Canara Bank:
| MCLR Tenor | Existing Rate | Rate w.e.f. Aug 12, 2024 |
| Overnight MCLR | 8.20% | 8.25% |
| One Month MCLR | 8.30% | 8.35% |
| Three Month MCLR | 8.40% | 8.45% |
| Six Month MCLR | 8.75% | 8.80% |
| One Year MCLR | 8.95% | 9.00% |
| Two Year MCLR | 9.25% | 9.30% |
| Three Year MCLR | 9.35% | 9.40% |
State Bank of India (SBI) had raised its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points with effect from 15 July, 2024.
The Reserve Bank of India after the MPC decision on August 8 said that the current policy rate is appropriate. Several economists have pushed their rate cut expectations to later this year, and foresee RBI moving only after the US Federal Reserve pivots.
