Bank of India makes 50 bps upward revision in RBLR; stock slips ~1%

9 Jun 2022 , 02:07 PM

Bank of India Limited has informed that Bank’s Repo Based Lending Rate (RBLR) has been changed to 7.75% with immediate effect i.e., from June 8, 2022.

The bank made this revision following an upward revision announced by RBI in Repo Rate. The Repo Rate has been increased from the existing 4.40% to 4.90%, effecting a 50-bps revision.

Effective RBLR of the bank has been increased from 7.25% to 7.75%, up by 50 bps. However, there has been no change in the mark-up at 2.85%.

Every bank has its own RBLR that changes when the RBI makes changes in the Repo Rate. So, with a 50 bps increase in Repo Rate by RBI, the bank has made a 50 bps increase in its RBLR.

Bank of India is currently trading at Rs46.35 down by Rs0.35 or 0.75% from its previous closing of Rs46.70 on the BSE. The scrip touched intraday high and low of Rs47.30 and Rs46.25 respectively.