Bandhan Bank hikes MCLR by 16 bps across tenures from today

Bandhan Bank hikes MCLR by 16 bps across tenures from today

The revised rates on the bank's loans will be in the range of 6.71-10.96%

FPJ Web DeskUpdated: Tuesday, February 28, 2023, 01:50 PM IST
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Bandhan Bank hikes MCLR by 16 bps across tenures from today | Image: Bandhan Bank (Representative)

Bandhan Bank hiked the marginal cost of funds-based lending rates by 16 basis points across tenures with effect from today, according to the bank's website.

The revised rates on the bank's loans will be in the range of 6.71-10.96%.

The bank cut lending rates by 363 basis points across most tenures last month.

On Feb 8, the Reserve Bank of India's Monetary Policy Committee raised the policy repo rate by 25 bps.

The repo rate is currently 6.50%, bringing the main policy rate's cumulative increase since May 2022 to 250 bps.

Banks must assess their lending rates each month in accordance with RBI regulations based on the marginal cost of funds.

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