has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), with effect from August 1, 2022. This rise would result in increased EMI payments for borrowers servicing loans under the MCLR regime.
The one-year MCLR has gone up from 7.50 to 7.60 percent as a result of the modification. A 10 basis point increase has been made to the overnight, one-month, and three-month MCLRs, bringing them to 6.80, 7.30, and 7.35 percent, respectively.
The six-month and 3-year MCLR has been raised to 7.45 and 7.80 percent, respectively.
Bandhan Bank has adjusted its marginal cost of funds based lending rates (MCLR) on loans. The bank’s one-year MCLR is 9.45 percent. The bank’s MCLR for overnight, one month, two month and 3 month is 8.49 percent. The bank’s MCLR for 6 months, two years, and three years is 9.09 percent, 9.78 percent and 10.06 percent. The new rates are effective from July, 30, 2022.
RBI monetary policy hike
The monetary policy committee (MPC) review of the RBI 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 more.
Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Asset Management Company: “From to hike or not earlier this year, the key question for policy makers is how much to hike! US Fed seems to be running a Sprint as far as rate hikes are concerned. Most Other economies may not have the luxury of a marathon race hence. We expect RBI MPC to hike benchmark repo rate by 50bps as CPI continues to rule above RBIs threshold band. Commentary maybe neutral / dovish as CPI trend seems to be following RBIs forecast for FY 2023. Key to watch also would be the guidance if any in the future course of rate moves.”
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