State Bank of India (SBI), the country’s largest public sector bank, has increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) from July 15. As per details available on SBI’s website, MCLR-based rates will now vary between 8 per cent and 8.75 per cent. MCLR represents the lowest rate at which the bank can lend to customers. The hike comes after SBI raised the benchmark prime lending rate (BPLR) by 70 basis points on March 15.
State Bank of India (SBI), the country’s largest public sector bank, has increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) from July 15. As per details available on SBI’s website, MCLR-based rates will now vary between 8 per cent and 8.75 per cent. MCLR represents the lowest rate at which the bank can lend to customers. The hike comes after SBI raised the benchmark prime lending rate (BPLR) by 70 basis points on March 15.
SBI’s decision to raise lending rates follows the Reserve Bank of India’s (RBI) recent decision to keep the repo rate at 6.50 percent.
SBI’s decision to raise lending rates follows the Reserve Bank of India’s (RBI) recent decision to keep the repo rate at 6.50 percent.
RBI hiked interest rates by 225 basis points from May amid rising inflation. The rise in lending rates is attributed to a series of interest rate hikes by the RBI’s Monetary Policy Committee since mid-last year aimed at curbing inflation.
RBI hiked interest rates by 225 basis points from May amid rising inflation. The rise in lending rates is attributed to a series of interest rate hikes by the RBI’s Monetary Policy Committee since mid-last year aimed at curbing inflation.
When the RBI decided to suspend the repo rate in June 2023, Governor Shaktikanta Das indicated the central bank’s willingness to respond based on incoming data.
When the RBI decided to suspend the repo rate in June 2023, Governor Shaktikanta Das indicated the central bank’s willingness to respond based on incoming data.
Economists expect the rate-setting panel to remain on hold for the rest of the year, with the possibility of a rate cut if inflation shows sustained easing. This is a sign that RBI’s tightening is coming to an end.
Economists expect the rate-setting panel to remain on hold for the rest of the year, with the possibility of a rate cut if inflation shows sustained easing. This is a sign that RBI’s tightening is coming to an end.