PNB, BOI Hike Lending Rates

State-owned Punjab National Bank (PNB) and Bank of India(BOI) on Monday announced a hike in their marginal cost of funds based lending rates (MCLRs).
     
City-based PNB hiked MCLRs across tenors by 30 basis points, while BOI raised the same by up to 15 basis points.
     
The MCLR with effect from November 1, 2022 shall be revised with the benchmark one-year tenor rate at 8.05 per cent as against the 7.75 per cent existing rate, PNB said in a regulatory filing.
     
All other tenor MCLRs, from overnight to three years, have been increased by 30 basis points each to 7.40 - 8.35 per cent.
     
Bank of India's one-year MCLR will be priced at 7.95 per cent from November 1, 2022 as against 7.80 per cent at present, the lender said in its regulatory filing.
     
All the other tenor MCLRs have been raised by 10 basis points each to 7.05-8.10 per cent.