Bank of Baroda and Canara Bank have increased their Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points (bps) on select tenures. A basis point is one-hundredth of a percentage point. The revised MCLR rates of both banks are effective from today (August 12, 2026).
Borrowers with MCLR-linked loans could see their interest rates rise following the latest rate revision by Bank of Baroda and Canara Bank. The decision came a week after the Reserve Bank of India (RBI) maintained the repo rate at 5.25% in its monetary policy committee (MPC) meeting on August 5, 2026.
