As a follow-up to our note on the MCLR (Marginal Cost of funds based Lending Rate) and how it was going to change the way banks lend in India, we are going to publish live, the rates of 34 SCBs (Scheduled Commercial Banks). The data is as of April 18th, 2016.
We are providing free access to these initial posts on MCLR. The later posts on MCLR and bank base rates can be accessed only by our Premium members. You can subscribe to our Premium membership in order to get access to more exclusive content on Indian markets.
We have created a MCLR Bank Base Rate Tracker, where the rates of 34 major banks are presented. The rates include:
- Important RBI Rates (repo rate, reverse repo and MSF);
- Base Rate;
- MCLR (of varying tenors);
- Deposit Rate (for amounts less than Rs. 1 cr., between 1 and 2 years)
We will continuously update this link to reflect the latest happenings in the space. The information is as of April 18, 2016.
Note: As per the RBI mandate, Banks will have to review and publish their MCLRs each month. We will be tracking these announcements and sending out notes in case of any major changes.
This is how the Top 10 banks stand, vis-a-vis the above criteria:
P.S. The ‘Overnight’, ‘1-mth’, ‘3-mth’, ‘6-mth’ and ‘1-yr’ rates relate to the MCLRs for those tenors. Note how Kotak Mahindra bank is the only one which is still keeping their Base Rate below their 1-yr MCLR.
Click on the link here, for accessing the Google Document with the rates of 34 SCBs.
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Disclosure: The authors at Capital Mind have positions in the market and some of them may support or contradict the material given above, or may involve a direction derived from independent analysis.