Bank lending rate on fresh rupee loans jump 18 bps MoM in July

The weighted average lending rate on fresh rupee loans is up 18 basis points on month to 8.80% for scheduled commercial banks as of July, according to the data released by the RBI.

- FE BUREAU

On a month-on-month basis, public sector banks increased their lending rates on fresh rupee loans by 31 basis points to 8.13%, while private sector banks reduced their rates by 16 basis points.

Foreign banks increased lending rates by 18 bps on a month to 8.25%.

The weighted average lending rate on outstanding rupee loans of scheduled commercial banks declined to 9.38% in July from 9.44% in June.