ICICI Bank raises one-year MCLR by 15 bps.
Global Banking News-September 4, 2018--ICICI Bank raises one-year MCLR by 15 bps
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Global Banking News - 04 September 2018
Indian private sector lender ICICI Bank (532174.BO) (ICICIBANK.NS) (NYSE: IBN) (ICBA.DE) has said that it has increased its marginal cost of funds-based lending rates (MCLRs) by 15-25 basis points (bps) across tenures, following a similar move by State Bank of India (SBI) (SBIN.NS) (500112.BO) (OTC: SBKJY), Financial Express has reported online.
For one-month tenure, MCLR will be 8.55 percent, 15 bps higher than earlier and 10 bps more than the corresponding rate at SBI, the report said.
One of India's leading lenders, ICICI Bank has increased its one-year MCLR by 35 bps since the beginning of 2018, while for SBI the hike has been 50 bps. Over the same period, the Reserve Bank of India (RBI) had raised the repo rate by 50 bps to 6.5 percent, it added.
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