SBI Raises MCLR By 10 Basis Points

The State Bank of India has hiked the marginal cost of funds-based lending rate by 10 basis points, or 0.10%, across certain tenures, according to an exchange filing on the BSE.

The revised MCLR of SBI will be effective on Aug. 15, 2024.

The MCLR of SBI on overnight, one-month tenure, three months, six months, one year, two years and three years loans rose by 10 basis points from 8.10% to 8.20%, 8.35% to 8.45%, 8.40% to 8.50%, 8.75% to 8.85%, 8.85% to 8.95%, 8.95% to 9.05%, and 9.00% to 9.10%, respectively.

Bank of Baroda, UCO Bank, and Canara Bank had hiked their marginal cost of funds-based lending rates by 5 basis points, or 0.05%, which came into effect on Aug. 12 for Bank of Baroda and Canara Bank and on Aug. 10 for UCO Bank, across certain tenures, according to exchange filings on the BSE.

Shares of SBI closed 0.68% higher at Rs 797.55 apiece on the NSE, compared to a 0.02% uptick in the NSE Nifty 50.