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SBI Hikes Lending Rates By 5-10 Basis Points, New Loans To Be Pricier
The Business Guardian
|July 16, 2024
The State Bank of India (SBI) announced on Monday a hike in its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points for most tenors.
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The MCLR, which represents the minimum rate at which a bank can lend money, plays a crucial role in determining loan interest rates. This adjustment by SBI is significant as it mirrors changes in the cost of funds and overall market conditions.
Implemented by the Reserve Bank of India (RBI) in April 2016, the MCLR system replaced the base rate system to enhance transparency in the interest rate-setting process. This system aims to ensure that the benefits of reduced lending rates are more effectively passed on to borrowers.
Cette histoire est tirée de l'édition July 16, 2024 de The Business Guardian.
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