Diabytes
Lending rates News
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Earlier this month, the RBI hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
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The Reserve Bank of India (RBI) is scheduled to announce fifth bi-monthly policy on December 6.
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The five-member panel, set up by the RBI to look into why lenders were not passing on central bank rate cuts, said in a report on Wednesday that banks "deviated in an ad hoc manner from the specified methodologies" for calculating the lending rates in order to avoid passing on the RBI rate cuts.
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Lending rate cuts are key to economic growth recovery and banks should lower rates by 25 bps before the start of the busy season in October to accelerate reforms momentum, says a report.
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eduction in saving deposit rates by three large banks over the past fortnight may set the ball rolling for lower lending rates and stoke greater competition among lenders, says a report.
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Given the Reserve Bank's "dovish" policy move, banks are expected to cut lending rates by 25 basis points, which in turn is expected to push up credit offtake, says a report.
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Public lender Punjab National Bank has revised down marginal cost based lending rates by 0.10- 0.15 per cent for various maturities effective Monday.
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RBI Governor Urjit Patel on Wednesday said there is further scope for banks to reduce lending rates as the Reserve Bank has already brought down its policy rates by 175 basis points since January 2015.
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Public sector lender Allahabad Bank on Monday slashed its benchmark lending rate by 0.85 percent in line with market competition.
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Three more banks including Syndicate Bank and Citi India on Friday reduced benchmark lending rates by up to 1 percent, joining others in the rate cut bandwagon.
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Joining the rate cut bandwagon, Bank of Baroda on Thursday lowered its lending rates by up to 0.75 percent -- which will lead to cheaper home and corporate loans.
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Home and other loans are all set to be cheaper as major banks such HDFC Bank and Canara Bank joined the rate cut bandwagon by cutting lending rates up to 0.9 percent.
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Country's third largest private lender Axis Bank Friday announced up to 0.15 percent reduction in its lending rates, signalling a further downward trend in borrowing costs.
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As banks continue to be flushed with deposits thanks to demonetisation move of the Modi government, state-owned Bank of Baroda has cut benchmark lending rates by 0.2 percent.
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Punjab National Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05-0.10 percentage points for December across maturities of various tenors.
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Private sector Axis Bank on Wednesday announced a cut in its marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 percent effective coming Friday.
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Two public lenders Dena Bank and State Bank of Bikaner and Jaipur (SBBJ) today cut benchmark lending rates by up to 0.1 percent.
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Under the revised rates, the one-year MCLR has been fixed at 9.40 percent while the most competitive overnight MCLR is 9.15 percent, the Ahmedabad-based bank said in a statement. The revised rates will be applicable from today.
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The new interest rates vary from 8.95 percent for overnight to 9.35 percent for three years, SBI said in a document posted on its website Thursday.
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