As a result of the amendment, the one-year MCLR has increased from 7.50 to 7.60 per cent. The overnight, one-month and three-month MCLRs have been increased by 10 basis points, bringing them to 6.80, 7.30 and 7.35 per cent, respectively.
The MCLR for six months and three years has been increased to 7.45 and 7.80 per cent, respectively.
Bandhan Bank has adjusted its Marginal Cost Based Lending Rates (MCLR) on loans. The one-year MCLR of the bank is 9.45 per cent. The bank’s MCLR for overnight, one month, two months and three months is 8.49 per cent. The bank’s MCLR for 6 months, two years and three years is 9.09 per cent, 9.78 per cent and 10.06 per cent. The new rates are effective from July 30, 2022.
RBI’s monetary policy hike
RBI’s Monetary Policy Committee (MPC) review is scheduled from August 3 to 5. In an effort to rein in rising inflation, the central bank is predicted to raise the policy repo rate once again.
Lakshmi Iyer, Chief Investment Officer (Debt) and Head Products, Asset Management Company: “Whether or not to hike since the beginning of this year, the key question for policy makers is how much to hike! As far as rate hike is concerned US Fed is running a sprint. Most other economies may not have the luxury of running a marathon. We expect RBI to hike MPC benchmark repo rate by 50 bps as CPI continues to rule above RBI’s threshold band Comments may be neutral/ erroneous as CPI trend is following RBI’s forecast for FY 2023. Key to watch will also be guidance if there is any rate change in future.”