Diabytes
MCLR rates News
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Major public sector banks including Bank of Baroda, Canara Bank, PNB, and Indian Bank have trimmed their Marginal Cost of Funds-based Lending Rates (MCLR) by up to 5 basis points.
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Implemented by the RBI on April 1, 2016, MCLR serves as the minimum lending rate below which a bank is not allowed to lend.
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MCLR had already increased by the bank in December 2022.
The new rate is now 8.4 percent.
The new rate goes into effect tomorrow.
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Loans will soon be cheaper as country's third largest private sector lender Axis Bank on Friday cut its interest offering by up to 0.70 per cent. The latest rate cut is being seen as a move following similar moves by all the major players in the system due to high liquidity post demonetisation.
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Top two lenders in the country, State Bank of India (SBI) and ICICI Bank, today announced a cut of 0.15 percent and 0.10 percent in their lending rates respectively under a new system of computation, signalling a further dip in borrowing costs ahead of the busy season.
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Government is looking at ways to ensure transmission of monetary action on the ground as there is no silver bullet that can deal with the rate cut issue, Minister of State for Finance Jayant Sinha today said.
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