Bank of India has announced selective adjustments to its lending rate structure effective from May 1, 2026, through an official regulatory filing under SEBI Regulation 30. The public sector bank has maintained stability in its key benchmark rates while implementing targeted changes to its fixed rate offerings.

MCLR and RBLR Rates Remain Unchanged

The bank has decided to keep both its Marginal Cost of Fund based Lending Rate (MCLR) and Repo Based Lending Rate (RBLR) unchanged effective from May 1, 2026. This decision reflects the bank's current funding cost assessment and market positioning strategy.

The MCLR structure shows a progressive increase from 7.70% for overnight tenor to 8.90% for the 3-year tenor, maintaining the bank's established pricing framework across different maturity periods.

Fixed Rate Spread Structure Revised

While keeping benchmark rates stable, Bank of India has implemented changes to its Fixed Rate Spread (FRS) structure across various tenors effective from May 1, 2026. The revised FRS framework introduces a differentiated pricing approach based on loan tenure.

The new FRS structure shows an incremental increase from 8.75% plus Customer Risk Premium (CRP) for 1-year tenor to 10.00% plus CRP for 5-year tenor. For tenors exceeding 5 years, the bank has introduced a special structure of 8.75% plus tenor premium plus CRP.

Regulatory Compliance and Official Communication

The rate changes have been formally communicated to both National Stock Exchange of India Ltd. and BSE Ltd. through an official notification dated April 29, 2026. The communication, bearing reference number HO:IRC:SVM:2026-27:29 and signed by Company Secretary Usha Ramsinghani, ensures full transparency in the bank's pricing policy adjustments as required under regulatory disclosure obligations.

The selective approach to rate revision demonstrates the bank's strategic focus on maintaining competitive positioning in shorter-term lending while adjusting pricing for medium to long-term fixed rate products. The unchanged MCLR and RBLR rates provide stability for floating rate loan customers, while the revised FRS structure affects fixed rate borrowers across different tenure categories.

Bank of India has announced the extension of Shri Rajneesh Karnatak's term as Managing Director & Chief Executive Officer for a period of three years. The extension has been granted by the Central Government under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, vide notification no. eF. No. 4/1(i)/2025-BO.I dated 23rd April, 2026.

Extension Details

The extension of Shri Rajneesh Karnatak's tenure will be effective beyond his currently notified term, which is ending on 28.04.2026. The extended term will be for a period of three years or until further orders, whichever is earlier. This decision was taken in exercise of the powers conferred by clause (a) of sub-section (3) of section 9 of the aforementioned Act.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015. Bank of India has formally informed both the National Stock Exchange of India Ltd. and BSE Ltd. regarding this development, requesting them to take the information on record.

Communication to Stock Exchanges

The bank addressed separate communications to the Vice President – Listing Department of the National Stock Exchange of India Ltd. at Bandra Kurla Complex, Mumbai, and the Vice-President – Listing Department of BSE Ltd. at Dalal Street, Mumbai. The communication was signed by Usha Ramsinghani, Company Secretary of Bank of India, on 23.04.2026.