Public sector Bank of Baroda (BoB) on Thursday said it has reduced its marginal cost of funds based interest rate (MCLR) by 0.05 per cent. BoB said in the information given to the stock exchange that the reduction in MCLR has been done at the rates of different periods. The new rates will come into effect from June 12, 2021. Let us tell you that new customers will get cheaper loans.
The MCLR has been revised to 7.35 per cent for a period of one year. The MCLR for the period of six months and three months has also been reduced by 0.05 per cent to 7.20 per cent and 7.10 per cent, respectively. Shares of Bank of Baroda closed higher by 3.54 per cent at Rs 84.75 per equity.
Will sell 46 NPA accounts to recover Rs 597 crore
Public sector Bank of Baroda will conduct e-auction of 46 NPA accounts by the end of this month to recover dues of Rs 597.41 crore. The bank has said in a notification issued in this regard that it wants to sell these NPA accounts to asset reconstruction companies, banks, NBFCs or other financial institutions on the basis of 100% cash transaction. Auction for this will be held on June 21, 2021.