Country’s largest lender, State Bank of India (SBI) Thursday increased marginal cost-based lending rates (MCLR) across most maturities, effective immediately.This will lead to the EMIS to go up.
It is the first hike since April 2016 after the inception of a new lending system.
As per the notification from SBI, the key one-year MCLR or benchmark has been raised from 7.95 percent to 8.15 percent.MCLR is a methodology introduced by the Reserve Bank of India (RBI) which sets the lending rates by the banks.
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Punjab National Bank is also raising its lending rate which will come into effect from March 1, 2018. PNB has raised one-year MCLR rate to 8.30 percent from 8.15 percent.
The rate revision from SBI comes just a day after the bank raised interest rates on fixed deposits across most maturities.
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