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Economy

The Maclor (MCLR) Update Tracker – May 24th 2016

As a follow-up to 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 May 24th, 2016.

Please click on the link here, to check for our previous update on MCLR Rates for April 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 May 24, 2016.

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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:

Bank rates MCLR May 2016

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.

Related Links:

Banks Are Not Benefiting From The Rate Cut: They Are Not Borrowing From The RBI

Cash Reserve and Liquidity Ratios: A Primer

Concepts: Why is the RBI Buying Rupee Bonds?

What Are Forex Reserves?

What is the “Balance of Payments”?

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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.