CURRENT AFFAIRS

Detailed explanation-1: -Bank of India have hiked MCLR by up to 15 bps across MCLR tenures. According to the Bank of India website, one month MCLR is at 7.75%, three month and six month MCLR is at 7.80%, 8.05% respectively. Bank of India one year MCLR is hiked to 8.30% and three year MCLR at 8.50%, after the hike.

Detailed explanation-2: -2023, Canara Bank’s base rate is 8.95%, Benchmark Prime Lending Rate (BPLR) is 14.45% effective as of 07.07. 2022. W.e.f. 07.01. 2023, the bank’s Short Term Repo Linked Lending rate (STRLLR) is 6.25%.

Detailed explanation-3: -The EBLR rate of SBI is 6.65% while repo-linked lending rate (RLLR) is 6.25% with effect from 1 April 2022. An overnight one-month and three-month MCLR have increased to 6.75% while the six-month MCLR has hiked to 7.05%.

Detailed explanation-4: -Notably, SBI is currently offering a certain discount on home loans as part of its festive offer campaign, which is set to end on January 31, 2023. According to SBI’s website, the 1-year MCLR has been raised to 8.4% from 8.30% as of January 15.

Detailed explanation-5: -Reserve Bank of India-Lending Rates.