PNB and BOB hike lending rates by up to 25 basis


Leading public sector lenders, Punjab National Bank (PNB) and Bank of Baroda (BOB) have raised their lending rates by up to 25 basis points, following the Reserve Bank’s interest rate hike earlier this week.

In a regulatory filing, PNB announced a 25 basis point rise in the Repo Linked Lending Rate (RLLR) from 8.75 per cent to 9 per cent starting Thursday.

Also read: Punjab National Bank, IIT Kanpur partner to set up Fintech Innovation Centre

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 last year, bringing the total amount of increases to 250 basis points.

BoB raised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenures by 5 basis points. The revised rates go into effect on February 12, according to a regulatory filing by BoB.

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