Page 3 - Lending Rates
Indian Bank cuts 1-year MCLR by 5 bps to 7.3%; effective from September 3
Most of the consumer loans such as personal, auto and home were priced on the basis of the one-year MCLR prior to the introduction of repo-linked lending rate
 "Indian Bank cuts 1-year MCLR by 5 bps to 7.3%; effective from September 3")
PNB hikes repo-linked lending rate by 15 bps to 6.8%, effective from Sept 1
The country's second largest lender Punjab National Bank (PNB) on Monday hiked its repo-linked lending rate (RLLR) by 15 basis points (bps) to 6.80 per cent.
 "PNB hikes repo-linked lending rate by 15 bps to 6.8%, effective from Sept 1")
SBI eyes three-fold rise in retail, MSME gold loan business in FY21
To use digital banking platform YONO extensively to cut-down on response time and scale up activity for it
 "SBI eyes three-fold rise in retail, MSME gold loan business in FY21")
Top headlines: RBI MPC meet outcome today, Airtel-Amazon deal, and more
From PM Modi laying foundation stone of Ram Temple, RBI Policy meet likely to keep lending rate unchanged to Airtel signing Amazon deal, here are the top news of the day
 "Top headlines: RBI MPC meet outcome today, Airtel-Amazon deal, and more")
Rising real lending rates causing steep fall in credit flows, GDP: Report
The brokerage had last month penciled in 5 to 7.5 per cent contraction in GDP this fiscal, saying each month of lockdown has shaved off 100 bps of the economy
 "Rising real lending rates causing steep fall in credit flows, GDP: Report")
SBI cuts MCLR by 5-10 bps upto three months tenor to revive demand
With this revision, SBI's MCLR upto three-months tenor comes down to 6.65 per cent per annum
 "SBI cuts MCLR by 5-10 bps upto three months tenor to revive demand")
Fair solution to rate transmission in the works: FM Nirmala Sitharaman
The finance minister told the industry it needed to introspect on how businesses are run and on Aatmanirbhar Bharat, for India to realise the full potential.
 "Fair solution to rate transmission in the works: FM Nirmala Sitharaman")
Bank deposits grow at 11.3% but credit growth moderates, shows data
Banks have also lowered their lending rates following the cut in the benchmark rates by the Reserve Bank of India (RBI).
 "Bank deposits grow at 11.3% but credit growth moderates, shows data")
After deposit rate cuts in May, SBI now slashes lending rates by 25-75 bps
Move will have to be matched by other lenders at a time when margins are under pressure due to extended loan moratorium and a ruling due on whether they can charge interest on the moratorium after all
 "After deposit rate cuts in May, SBI now slashes lending rates by 25-75 bps")
SBI to cut MCLR by 25 basis points from June 10 across all tenors
The one year MCLR has been revised to 7 per cent from 7.25 per cent, the bank said in a release
 "SBI to cut MCLR by 25 basis points from June 10 across all tenors")
Bank lending targets under Rs 20-trn stimulus unfeasible: Ex-RBI deputy guv
There are other segments of the economy as well which are in need of credit, says R Gandhi
 "Bank lending targets under Rs 20-trn stimulus unfeasible: Ex-RBI deputy guv")
Punjab National Bank reduces lending rate linked to repo by 40 bps
The bank's marginal cost of funds-based lending rate (MCLR) has also been revised downwards by 15 bps across all tenors.
 "Punjab National Bank reduces lending rate linked to repo by 40 bps")
UCO Bank slashes lending rate by 40 basis points, MSME loans to get cheaper
The government expects banks to reduce lending rates, which is required to kick start the economy hit hard by the coronavirus-forced lockdown, among other factors
 "UCO Bank slashes lending rate by 40 basis points, MSME loans to get cheaper")
Experts disagree with MPC stance that inflation will fall below 4% in H2
RBI acknowledges economy will contract in the current fiscal even as independent experts have already assessed so.
 "Experts disagree with MPC stance that inflation will fall below 4% in H2")
SBI cuts lending rate by 15 bps, launches scheme for senior citizens
The State Bank of India (SBI) has introduced a special deposit scheme for senior citizens with a higher interest rate
 "SBI cuts lending rate by 15 bps, launches scheme for senior citizens")
Union Bank of India reduces lending rates by 75 bps in line with RBI cut
The new rate will be applicable for all floating-rate personal or retail loans (such as housing and automobiles) and floating-rate loans to micro, small and medium enterprises
 "Union Bank of India reduces lending rates by 75 bps in line with RBI cut")
RBI says can't rule out any policy measure to counter coronavirus impact
RBI governor Shakikanta Das announces US dollar sell/buy swap and Long Term Repo Operation.
HDFC cuts lending rate by 5 bps for salaried people, effective from March 9
HDFC cuts lending rate by 5 bps for salaried people, effective from March 9
 "HDFC cuts lending rate by 5 bps for salaried people, effective from March 9")
Cut in lending rates insufficient to boost credit growth: BofA Securities
The Reserve Bank cut rates in five consecutive reviews in 2019 before pausing in December due to surge in inflation
 "Cut in lending rates insufficient to boost credit growth: BofA Securities")
China scraps benchmark lending rate to liberalise financial system
The LPR, revamped to become the benchmark for new loans this year, is based on the interest rate for one-year loans
 "China scraps benchmark lending rate to liberalise financial system")
