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SBI hikes MCLR by 5bps to 8.55% across tenures
Tuesday, December 11, 2018, 4:56 PM
State Bank of India (SBI) hiked its MCLR by 5 basis points (bps) across all tenures. The lender's one-year MCLR now stands at 8.55% while those for other tenures range between 8.55% and 8.75%. The move comes after HDFC Bank on Friday hiked its short-term MCLR by 5 bps to 8.40% 8.45% and 8.55% for the one-, three- and six-month tenures, respectively.
Interest on home, auto, MSE loans to be linked to new benchmarks
Thursday, December 6, 2018, 5:40 PM
In a bid to ensure greater transparency, the RBI proposed that floating interest rates on personal, home, auto and micro and small enterprises (MSEs) loans will linked to external benchmarks like repo rate or treasury yields, from April 1 next year. Currently, banks follow system of internal benchmarks, including Prime Lending Rate (PLR), Benchmark Prime Lending Rate (BPLR), Base rate and MCLR.
RBI keeps repo rate steady at 6.5% in monetary policy review
Wednesday, December 5, 2018, 3:04 PM
The Reserve Bank of India has kept the repo rate, the rate at which banks borrow from RBI, unchanged at 6.50% in its fifth bi-monthly monetary policy review of 2018-19. The status quo comes amid moderation in GDP growth and easing inflation. After back-to-back hikes since June, the RBI had kept interest rates unchanged in the October policy review.
