Tuesday, 6 December 2016

Bank of India drops after revising MCLR rates : 06 Dec 2016



The announcement was made after market hours yesterday, 5 December 2016.
Meanwhile, the S&P BSE Sensex was up 29.77 points or 0.11% at 26,378.87.
On the BSE, 2.05 lakh shares were traded in the counter so far as against average daily volume of 5.94 lakh shares in the past one-quarter. The stock had hit high of Rs 118.35 and low of Rs 116.55 so far during the day.

Bank of India`s overnight marginal cost of funds based lending rate (MCLR) was fixed at 9%, one month MCLR was fixed at 9.05%, three-month MCLR was fixed at 9.1%, six months MCLR was fixed at 9.15% and one year MCLR was fixed at 9.25%.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

The Government of India held 73.72% stake in Bank of India (as per the shareholding pattern as on 30 September 2016). 

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