The 1-month MLCR increased by 45 basis points to 8.00 percent, while the 6-month MLCR increased by 10 basis points to 8.40 percent. The bank raised its overnight MLCR by 35 basis points to reach 7.90 percent. Similarly, Canara Bank, another public sector bank, increased its MCLR from March 12, 2023. The bank has decided to increase its Base Rate and BPLR on a quarterly basis. SBI increased its BPLR by 0.70 percent or 70 basis points, from 14.15 percent to 14.85 percent. For instance, State Bank of India (SBI), the largest public sector bank in India, increased its base rate and benchmark prime lending rate (BPLR) from March 1, 2023. This increase in lending rates by Kotak Mahindra Bank follows similar moves by other banks. The MCLR of Kotak Mahindra Bank for different tenures has increased as follows: the overnight loan MCLR has risen to 8.25 percent, 1-month MCLR to 8.50 percent, 3-month MCLR to 8.65 percent, and the MCLR for loans of 1 year, 2 years, and 3 years has increased to 9.05 percent, 9.10 percent, and 9.25 percent, respectively. The new rates have come into effect from March 16, 2023. This move has come as a shock to the bank's customers, who will now have to pay more EMIs on their loans. Loan Rate Hike: Kotak Mahindra Bank, one of the leading private sector banks in India, has increased its marginal cost of lending rates (MCLR) by 5 basis points.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |