The present MCLR for the private lender is 7.20%-7.45% as against 7.30%-7.55% earlier. Its overnight and one-year rates were slashed to 7.20% and 7.45% whereas its one month, two month and three-month rates have been reduced to 7.20%, 7.25% and 7.40%, respectively.
In the last one month,many banks have reduced their rates.IndusInd Bank reduced its lending rates by 8.50%- 9.15% across tenors; RBL Bank revised its lending rates for all tenors by 8.55%- 9.25%;Kotak Mahindra Bank slashed its rates by 7.25%- 7.85%; State Bank of India revised its three-month MCLR by 7%; and HDFC Bank revised its rates across all tenors by 7.10% – 7.65%.
With two days remaining for the RBI’s monetary policy committee meeting, ICICI Bank has decided to revise its rates prior to the meeting. When RBI cut the repo rates by 40 basis points to 4% in May, many lenders, including Bank of Baroda, HDFC Bank, Canara Bank, SBI, IndusInd Bank, etc. had reduced their lending rates in the previous months.
