- Wealth PMS (50L+)
As a follow-up note on MCLR (Marginal Cost of funds based Lending Rate) and how it is changing the way banks lend in India, we are publishing the rates of 34 SCBs(Scheduled Commercial Banks) as on Aug 1, 2016. According to RBI’s mandate, Banks have to review and publish their MCLRs each month.
Please click here to check our previous update on MCLR Rates for June 2016.
We have created a MCLR Bank Base Rate Tracker, where the rates of 34 major banks are presented. The rates include:
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.
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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.