State-owned lender Bank of Baroda (BoB) and Union Bank of India (UBI) has lowered their lending rates by 5-10 basis points (bps). BoB has reduced its one-year Marginal Cost of Funds based Lending Rate (MCLR) by 10 bps to 8.15% and one-month MCLR by 5 bps. The announced new rates will come into effect from 12 February. Also, UBI has reduced its 3-month MCLR rate by 5 bps to 7.80% from 7.85%. The one-year MCLR capital remains unchanged at 8.10%. The revised rates will come into effect from 11 February 2020. The Bank has recently reduced its home loan interest rates for different categories of borrowers by up to 30 bps from 8.20% to 7.90%. Bank of Baroda: Established on: 20 July 1908 Nationalized on: 19 July 1969 Headquarters: Vadodara, Gujarat Chairman: Hasmukh Adhia MD & CEO: Sanjiv Chadha Bank of Baroda is a government-owned International banking and financial services company. It is the second-largest bank in India, next to the State Bank of India (SBI). Union Bank of India: Established on: 11 November 1919 Headquarters: Mumbai, Maharashtra MD & CEO: Shri Rajkiran Rai G. UBI is one of the Indian state-owned banks in India.